Jack Dorsey, who co-founded the microblogging site Twitter in 2006 and has been at its helm since 2015, stepped down as CEO of the company on Monday.
Dorsey and the board of Twitter unanimously agreed to appoint Parag Agrawal as the new CEO effective immediately. Agrawal was most recently the Chief Technology Officer of Twitter.
In an email to employees, which he later tweeted, Dorsey wrote “I’ve worked hard to ensure this company can break away from its founding and founders.”
“I believe it’s critical a company can stand on its own, free of its founder’s influence or direction,” he added.
Dorsey will remain a member of the Board until his term expires at the 2022 meeting of stockholders.
“The board ran a rigorous process considering all options and unanimously appointed Parag. He’s been my choice for some time given how deeply he understands the company and its needs. Parag has been behind every critical decision that helped turn this company around. He’s curious, probing, rational, creative, demanding, self-aware, and humble. He leads with heart and soul and is someone I learn from daily. My trust in him as our CEO is bone-deep,” Dorsey wrote in the email.
Parag Agrawal: What you need to know
Parag Agrawal, 37, joined twitter in 2011 after research stints at Yahoo, Microsoft and AT&T. He 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.
Agrawal was appointed the CTO of Twitter in 2017 and has been responsible for the company’s technical strategy involving Artificial Intelligence, Machine Learning, and Cryptocurrencies.
Agrawal also led Twitter’s Project Bluesky, an initiative to establish open and decentralised standards for social media platforms.
“I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership,” Agrawal said in an email to employees..
“I look forward to building on everything we have accomplished under Jack’s leadership and I am incredibly energised by the opportunities ahead. By continuing to improve our execution, we will deliver tremendous value for our customers and shareholders as we reshape the future of public conversation,” he added.
Salesforce’s Bret Taylor joins the Board
Amid all the developments, Bret Taylor was named the new Chairman of the Board of twitter, succeeding Patrick Pichette who will remain on the Board and continue to serve as chair of the Audit Committee.
Taylor says, “On behalf of the Board, I want to thank Jack for his visionary leadership and an unrelenting dedication to Twitter since its founding. Jack returned to Twitter and turned the Company around at the most critical time. The progress since then has been nothing short of incredible. Jack has given the world something invaluable and we will continue to carry it forward.”
Taylor also adds, “Parag understands Twitter and appreciates the Company’s unique potential. He has been instrumental in tackling our most important priorities, including accelerating our development velocity, and I know he’ll hit the ground running to strengthen execution and deliver results. The Board has the utmost confidence in Parag.”
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