Twitter CEO Jack Dorsey resigns, CTO Parag Agarwal elected as his successor

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Twitter CEO Jack Dorsey has stepped down and the company’s CTO Parag Agarwal was unanimously elected to succeed him by the board of directors. The company’s board of directors has been preparing for Dorsey’s exit since last year, a source told Reuters. The news comes as Twitter accelerated the pace of its product innovations over the past year to compete with social media rivals like Facebook and TikTok and achieve its goal of doubling annual sales by 2023.

Dorsey also tweeted to explain his reasons for stepping down as Twitter CEO after 16 years and why Agarwal was fit to run the company that Dorsey co-founded in 2006.

“I decided to leave Twitter because I believe the company is ready to move forward from its founders. My trust in Parag as CEO of Twitter is deep. His job has changed over the past 10 years. I am him deeply grateful. ” Skill, heart and soul. It’s time to lead, “said Dorsey.

not sure anyone heard it, but

I quit on Twitter pic.twitter.com/G5tUkSSxkl

– jack⚡️ (@jack) November 29, 2021

The shares of the microblogging platform rose 9 percent in early trading, while those of digital payments company Square, of which Dorsey is also CEO, rose 3 percent.

Trading in the shares was then suspended ahead of an expected announcement.

In his November 28 tweet, Dorsey said, “I love Twitter”. The “likes” for this tweet rose to more than 54,000 on Monday.

CNBC was the first to report Dorsey’s move.

In early 2020, Dorsey was told by Elliott Management Corp to step down after the hedge fund argued it was paying too little attention to Twitter while also running payment processing company Square Inc.

Dorsey fought off pressure by getting Elliott and his ally, buyout firm Silver Lake Partners, seats on the Twitter board of directors.

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