Business & Tech
Twitter CEO Jack Dorsey Steps Down
Dorsey will be replaced by the company's chief technology officer, Parag Agrawal.
SAN FRANCISCO, CA — Twitter CEO Jack Dorsey is stepping down, effective immediately, after 16 years at the helm of the social media company he co-founded, he said in a statement Monday.
In a statement posted on Twitter, Dorsey announced that the company's chief technology officer Parag Agrawal will take over as CEO.
"There's a lot of talk about the importance of a company being 'founder-led'," Dorsey said in the statement to Twitter staff. "Ultimately I believe that's severely limiting and a single point of failure. I've worked hard to ensure this company can break away from its founding and founders."
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The company's board chose Agrawal after a rigorous process, said Dorsey, adding that Agrawal was his first choice.
Dorsey plans to serve on the company's board until May 2022 to help with the transition, he said.
"I want you all to know that this was my decision and I own it," he said in the statement.
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The social media service, with headquarters in San Francisco, was created by Dorsey, Noah Glass, Biz Stone, and Evan Williams in 2006.
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