Parag Agrawal Becomes Twitter’s New CEO as Jack Dorsey Steps Down

Twitter Chief Executive Officer Jack Dorsey has resigned from his function and firm CTO Parag Agrawal has been unanimously chosen by the board as his successor. The firm’s board has been making ready for Dorsey’s departure since final 12 months, a supply instructed Reuters. The information comes as Twitter has accelerated the tempo of its product innovation over the previous 12 months to compete with social media rivals akin to Facebook and TikTok, and to achieve its objective of doubling annual income by 2023.

Dorsey additionally tweeted to elucidate his causes for stepping down as Twitter CEO after 16 years and why Agrawal was match to guide 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,” stated Dorsey.

undecided anybody has heard however,

I resigned from Twitter pic.twitter.com/G5tUkSSxkl

— jack⚡️ (@jack) November 29, 2021

“I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership,” stated Agrawal in a ready assertion. “I look forward to building on everything we have accomplished under Jack’s leadership and I am incredibly energised by the opportunities ahead”.

Agrawal joined Twitter in 2011 and has served as Chief Technology Officer (CTO) since October 2017, as per a press assertion launched by Twitter. Prior to being appointed CTO, the corporate stated Agrawal rose to be Twitter’s first ‘Distinguished Engineer’ resulting from his work throughout income and shopper engineering. The Indian-origin govt holds a Ph.D. in Computer Science from Stanford University and a Bachelor’s Degree in Computer Science and Engineering from the Indian Institute of Technology, Bombay.

In addition to Dorsey’s departure and Agrawal taking on as Twitter CEO, the corporate additionally introduced that Bret Taylor, a member of the Twitter Board since 2016, has been named Independent Chair of the Board.

Shares of the microblogging platform surged 9 % in early buying and selling, whereas these of digital funds agency Square, of which Dorsey can also be chief govt, have been up 3 %. Trading within the shares was then suspended forward of an anticipated announcement.

In his tweet on November 28, Dorsey stated: “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.