Jack Dorsey, a co-founder of Twitter, is stepping down as the company’s CEO.
According to Twitter, he would be replaced by Parag Agrawal, the current chief technology officer.
Mr. Dorsey, who co-founded Twitter in 2006, has been the CEO of both the company and the payment company Square.
In a statement, he said, “It’s now time for me to depart,” adding that the organization was “ready to move on.”
Mr. Dorsey stated that he had “deep” faith in his successor. “I owe him a debt of gratitude for his talent, heart, and soul. It is now his turn to lead “he stated
Mr. Agrawal joined Twitter in 2011 and has served as the company’s chief technical officer since 2017.
With his nose ring, long beard, and health regimen that included yoga and eating only one meal a day, Mr. Dorsey defied business traditions.
Investors, on the other hand, thought he wasn’t giving Twitter the attention it deserved because he was also operating Square.
“I adore Twitter,” Mr. Dorsey tweeted on Sunday, seemingly without prompting.
Mr. Dorsey tweeted, “Not sure anybody has heard but I resigned from Twitter,” in addition to the official corporate announcement.
“There’s a lot of discussion about how important it is for a firm to be ‘founder-led.’ Finally, I feel that this is very restricting and a single point of failure “he stated in an email to workers that he attached.
He also stated that when his tenure on the board ends, he will step down.
“Why don’t you remain or take over as chair? It’s critical, in my opinion, to allow Parag the room he needs to lead.”
The stock price of Twitter soared when rumors of Mr. Dorsey’s resignation surfaced, as originally reported by CNBC.
However, by mid-afternoon, shares were trading at around half of what they were at the end of last week.
Twitter’s board members, according to Victoria Scholar, an investment analyst at Interactive Investor, “had apparently been prepared to say goodbye to Dorsey since last year,” were not surprised by the news.
She described the transition as “a opportunity for Twitter to turn over a new page and take bolder risks.”
Following the disturbances at the Capitol building, Mr. Dorsey made one of his most audacious moves: banning former President Donald Trump from the platform. It drew harsh rebuke from Mr Trump’s followers.
“People often associate Jack Dorsey with Twitter censorship, but my sense is he’s done everything he can in recent years to maintain the platform pretty free,” said Mike Solana, CEO of the private equity company Founders Fund, in a tweet.
“Things will be worse, not better, without him. Good luck, king of the birds ” he added.