Jack Dorsey, Twitter’s chief executive officer has announced resignation from his role as Parag Agrawal, the company’s chief technology officer assumes the CEO role of the microblogging company.
According to a source, the company’s board has been preparing for Dorsey’s departure since last year after Elliott Management Corp, an active investor, told him to step down as he was paying too little attention to Twitter while also running payments processing company, Square Inc.
“After almost 16 years of having a role at our company from co-founder to CEO to chair to Executive Chair to interim-CEO to CEO, I decided it’s finally time to leave. There’s a lot to talk about the importance of a company being founder-led. Ultimately, I believe that’s severely limiting and a single point of failure. I’ve worked hard to ensure this company can break away from its founding and founders,” Dorsey said in a tweet.
The news comes as Twitter has accelerated the pace of its product innovation over the past year to compete with social media rivals such as Facebook and TikTok, and to reach its goal of doubling annual revenue by 2023.
During the past years, Twitter has started to rapidly roll out new products and features. And while not all of them have been hits, they have suggested a transformation into a more notable company ready to adapt to its users’ interests.
Despite his resignation, Dorsey is still committed to the running of the company as he will remain on its board of directors. “I’m going to serve on the board through my term (May-ish) to help Parag and Bret with the transition. And after that, I’ll leave the board,” he said.
Dorsey has increasingly turned his attention to tech beyond the core of Twitter. He now tweets a lot about Bitcoin, Web3, and other decentralized technologies, and he is still the CEO of Square.
Just a few minutes after his resignation, a new feature- (…) has been added to tweets to suggest to readers that there is more to read about such tweets.
