Twitter CEO Jack Dorsey has resigned from his position after 16years of owning it and has been replaced by the board of directors with the company’s Technical Director, Parag Agarwal.
Based on a report by Reuters, the Twitter board of directors had.
The news of Dorsey’s resignation comes in the wake of the company’s acceleration of its product innovation in the last year, to meet the standard of Facebook and Tiktok rivals as well as meet its goal of making three times its annual revenue in the next two years.
A report by Reuters indicated that the company’s board of directors has been planning for Dorsey’s exit since last year.
Dorsey tweeted his reason for quitting his executive position saying the company was ready to leave its founder, adding that he had great confidence in the ability, skills, and passion of Agarwal as the new CEO of Twitter.
The new CEO also expressed appreciation to the board of directors for the trust reposed in him to lead the company as well as for the continued support and mentorship gotten from Dorsey over the years. He added that Twitter will be better as the company under his leadership would build on the legacy of its past leadership and leverage on all opportunities.
In a statement released by the company, Agrawal joined Twitter in 2011 and rose to become the Chief Technology Officer (CTO) in 2017. Amongst his many feathers, was his recognition as twitter’s first distinguished engineer for his laudable feat in revenue and consumer engineering. He has a Doctorate in computer science from Stanford University and a bachelor’s degree in Computer Science and Engineering from the Indian Institute of Technology, Bombay.
Away from Dorsey’s resignation and the appointment of Agrawal, Twitter also promoted a founding board member, Bret Taylor to the position of Independent Chairman of the board of Twitter administration.
Earlier, Elliott Management Corp had pressured Dorsey to resign in 2020, claiming that he paid little attention to Twitter, which he was running alongside his payment processing company, Square Inc, a company based in New York City.
He responded by awarding seats on the Twitter board of directors to the buyout firm, Silver Lake Partners. The shares of the company early today rose to 9%, while Square shares also rose 3%.