18 February 2022
Jack Dorsey has officially announced his decision to step down as CEO of Twitter, the social media platform he co-founded in 2006. He announced the decision to Twitter employees through an email and then tweeted the same. Parag Agrawal, previously CTO of Twitter, has taken over his position with immediate effect.
In the announcement email, Dorsey mentioned that he has decided to leave Twitter as he believes it is the right moment for the company to move away from its founders. He will continue to serve on the company's board until his term ends in 2022. He will primarily be helping Agrawal with the transition during this time.
It has been reported that the board was actually thinking about Dorsey's departure for about a year. This is mainly because Twitter is finding itself in stiff competition with other social media platforms like Instagram and TikTok. It is the reason it has spent the past one year or so rolling out features to attract new users and keep existing ones engaged. The most successful one among those is Spaces, an audio-only chatroom inspired by Clubhouse. It even rolled out a premium subscription called Twitter Blue that offers a bunch of exclusive features to paying users.
not sure anyone has heard but,— jack⚡️ (@jack) November 29, 2021
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
As for Agrawal, he has been with Twitter for about a decade and was promoted to the position of Chief Technical Officer (CTO) in 2017. He has been responsible for the company's technical strategy, leading work to improve development velocity while advancing the state of Machine Learning across the company.
Dorsey said the board ran a rigorous process considering all options and unanimously decided to appoint Agrawal as the new CEO of Twitter. In a further announcement, Bret Taylor has been appointed as the Independent Board Chair. He has been on the company's board since 2016.
Here is what Agrawal had to say on his appointment,
"I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership. I look forward to building on everything we have accomplished under Jack's leadership and I am incredibly energized by the opportunities ahead. By continuing to improve our execution, we will deliver tremendous value for our customers and shareholders as we reshape the future of public conversation."