Jack Dorsey, CEO and co-founder of the US-based social media company Twitter, announced his resignation. Parag Agrawal, Twitter Chief Technology Officer, is taking over as CEO effective immediately.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said on Monday. “My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead.”
not sure anyone has heard but,— jack⚡️ (@jack) November 29, 2021
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
Dorsey will remain a member of Twitter’s board until at least next year. Agrawal, who has served as CTO since 2017, has been on Twitter for over a decade. He was responsible for strategy involving artificial intelligence and machine learning, and led projects to make tweets more relevant to users’ timelines.
Deep gratitude for @jack and our entire team, and so much excitement for the future. Here’s the note I sent to the company. Thank you all for your trust and support 💙 https://t.co/eNatG1dqH6 pic.twitter.com/liJmTbpYs1— Parag Agrawal (@paraga) November 29, 2021
Twitter stakeholder Elliott Management had sought to replace Jack Dorsey as CEO in 2020 before the investment firm reached a settlement with company management. Elliott made a statement on Monday’s news, noting that the collaboration with Jack and Twitter over the past few years has been fruitful.
“Twitter is now executing against an ambitious multi-year plan to dramatically increase the company’s reach and value, and we look forward to the next chapter of Twitter’s story,” the company’s managing partner Jesse Cohn and senior portfolio manager Marc Steinberg said. “Having gotten to know both incoming Chairman Bret Taylor and incoming CEO Parag Agrawal, we are confident that they are the right leaders for Twitter at this pivotal moment for the company.”
Twitter said earlier this year that it aims to have 315 million monetizable daily active users by the end of 2023 and at least double its annual revenue by that year.