Twitter co-founder Jack Dorsey has stepped down from his executive role at the social media company.
Dorsey will be replaced by chief technology officer (CTO) Parag Agrawal, the company announced on Monday.
The
surprise move ends Dorsey’s much criticized tenure as chief executive
officer of both Twitter and Square, his digital payments company, which
led to Twitter stakeholders Elliott Management and billionaire investor
Paul Singer calling on him to step down from one of those roles.
The
company said Dorsey would step down immediately but that Dorsey would
remain on the board until Twitter’s stockholder 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.
