Twitter co-founder Jack Dorsey is stepping down as chief executive of the company. The social media giant said he will be replaced by the current chief technical officer, Parag Agrawal.
Agrawal is currently the chief technology officer of Twitter.
The company said Dorsey would step down immediately but that he would remain on the board until Twitter’s shareholder meeting in 2022.
“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,” said Dorsey.
Agrawal has been with Twitter for a decade and served as CTO since 2017.
“I want to thank the board for their confidence in my leadership and Jack for his continued mentorship, support and partnership,” said Agrawal.
In a letter he posted on Twitter, Dorsey said that it was his decision to leave.
“I want you all to know that this was my decision and I own it,” he wrote. “It was a tough one for me, of course. I love this service and company… and all of you so much. I’m really sad…yet really happy. There aren’t many companies that get to this level. And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.”
not sure anyone has heard but,
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
— jack⚡️ (@jack) November 29, 2021
“I’m really sad…yet really happy,” wrote Dorsey.
“I believe the company is ready to move on from its founders,” Dorsey said in a press release. “My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational.”