Twitter Chief Executive Officer Jack Dorsey has resigned from his position and firm CTO Parag Agarwal has been unanimously chosen by the board as his successor. The firm’s board has been getting ready for Dorsey’s departure since final yr, a supply advised Reuters. The information comes as Twitter has accelerated the tempo of its product innovation over the previous yr to compete with social media rivals comparable to Facebook and TikTok, and to succeed in its purpose of doubling annual income by 2023.

Dorsey additionally tweeted to clarify his causes for stepping down as Twitter CEO after 16 years and why Agarwal was match to steer the corporate Dorsey co-founded in 2006.

“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead,” mentioned Dorsey.

unsure anybody has heard however,

I resigned from Twitter pic.twitter.com/G5tUkSSxkl

— jack⚡️ (@jack) November 29, 2021

Shares of the microblogging platform surged 9 p.c in early buying and selling, whereas these of digital funds agency Square, of which Dorsey can also be chief govt, have been up 3 p.c.

Trading within the shares was then suspended forward of an anticipated announcement.

In his tweet on November 28, Dorsey mentioned: “I love twitter”. The “likes” on that tweet surged to greater than 54,000 on Monday.

CNBC was first to report Dorsey’s transfer.

In early 2020, Dorsey confronted calls from Elliott Management Corp to step down, after the hedge fund argued that he was paying too little consideration to Twitter whereas additionally operating funds processing firm Square Inc.

Dorsey fended off the stress by giving Elliott and its ally, buyout agency Silver Lake Partners, seats on Twitter’s board.