Jack Dorsey resigns from Twitter after 16 years; Parag Agrawal to be new CEO
Making the announcement on his Twitter account, Dorsey said that a company that is founder-led is severely limiting and single point of failure.
Jack Dorsey has resigned from the post of Twitter Chief Executive Officer. Making the announcement on his Twitter account, Dorsey said that a company that is 'founder-led' is severely limiting and single point of failure.
Dorsey gave three reasons for his resignation -- 1) Appointment of Parag Agrawal as Twitter CEO; 2) Bret Taylor agreeing to be Board chairman; and 3) all members of the Board have the potential to change the course of the company for the better.
Citing the example of Parag, who started off his journey with Twitter as an engineer and went on to be appointed as the CEO, Dorsey said that there was a lot of ambition and potential on the present team. He further said that Parag takes over as CEO on Monday, he would continue to serve on the board to assist Parag and Bret with the transition.
Rejecting any speculation surrounding his resignation, Dorsey said that the decision to step aside was his own. He, however, said the decision was a tough one for him considering how deeply e felt for the company and its employees. Stating that there are not many companies that have reached the level that Twitter has, Dorsey, in the same breath, said that there were not many founders who choose their company over their own ego.
Before signing off, Dorsey had one wish for Twitter and that was for the micro-blogging site to be the most transparent company in the world.
Dorsey co-founded Twitter with Ev Williams in 2006. A year later, he was named the CEO of the company. However, barely a year later, Williams and board member Fred Wilson pushed out Dorsey as the micro-blogging site gained traction and users. He was removed from the CEO's post citing that he was unfit to lead. Over the years, Twitter growth stagnated. in 2015, Dorsey returned as Twitter CEO. Call for Dorsey's exit sprung up in early 2020, after hedge fund manager Elliott Management Corp claimed that he was giving little attention to Twitter while at the same time operating payments processing company Square Inc. Somehow, Dorsey managed to de-escalate the crisis and hold on to his post.