Jack Dorsey announced his resignation via his Twitter account which led to mixed reactions.
The 45-year-old served as both CEO of Twitter and Square, his digital payment firm. He will remain a board member until his term expires at the 2022 meeting of stockholders. In a statement, he mentioned ‘I decided to leave Twitter because I believe the company is ready to move on from its founders.’
In a statement made on his Twitter page, he highlighted three reasons for his stepdown. The first reason backing his choice of Parag as his successor. In his statement, “Parag has been behind every critical decision that helped the company around.”
The second reason highlighted why Bret Taylor had to be the board chairman. He described Bret as being excellent in every way and also understanding entrepreneurship, risk-taking, technology and product.
The third happened to be us. His successor, Parag Agrawal, has served as Twitter’s CTO since 2017 and has been in the company for more than a decade.
His successor, Parag Agrawal, has served as Twitter’s CTO since 2017 and has been in the company for more than a decade.
The change in leadership comes amidst scrutiny of Jack and Twitter from investors who seek better returns and also lawmakers who are concerned with the company’s moderation for political speeches.
Sometime last year, Dorsey was put under pressure by Elliott Management to step aside. They struck a deal (which included an influx of $1 billion in capital from Silver Lake) that allowed Dorsey to remain CEO.
Jack remains CEO of Square, a digital payment firm he co-founded in 2009.