Jack Dorsey has stepped down as CEO of Twitter, the social network he co-founded almost 16 years ago. Dorsey hands over the top spot to Parag Agrawal, the company’s chief technology officer.
Dorsey will remain on Twitter’s board of directors until his term ends in 2022 to aid in the transition. CNBC reported the move on Monday.
“I made the decision to leave Twitter because I believe the company is ready to move forward from its founders,” Dorsey said in a statement.
“My trust in Parag as CEO of Twitter is deep. His work over the past 10 years has been transformative. I am deeply grateful for his skills, his heart and his soul. It’s his time to lead. ”Dorsey plans to stay on Twitter’s board of directors for the next six months to help with the transition before leaving the company entirely.
“I want you all to know that this was my decision and I own it,” Dorsey told Twitter staff in an email (which he tweeted). “That was of course tough for me. I love this service and this company and all of you so much. I am really sad, but really happy. There aren’t many companies that can reach this level. And there aren’t many founders who prefer their business to their own ego. I know that we will prove that this was the right step. “
Under Dorsey’s leadership, Twitter became one of the leading social media platforms. Dorsey has implemented new features such as newsletters and live audio in the past few years to gain more followers.
He also oversaw the company’s first profit, which it posted in 2018, with a goal of doubling annual sales to at least $ 7.5 billion by 2023.
Dorsey has been CEO of the social network since 2015 when he took over leadership after Dick Costolo stepped down.
Share your thoughts with us social media.