Twitter founder Jack Dorsey announced Monday morning that he’s resigning from his role as the social media monster’s CEO, effective immediately, with chief technology officer Parag Agrawal stepping up to replace him. Dorsey will remain on the company’s board of directors until his term expires next May, at which point he will abandon ship completely, he says.
The fleeing chief executive broke the news on Twitter, stating, “not sure anyone has heard but, I resigned from Twitter.”
not sure anyone has heard but,
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
— jack⚡️ (@jack) November 29, 2021
“There’s a lot of talk about the importance of a company being ‘founder-led,’” Dorsey wrote. “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. There are 3 reasons I believe now is the right time.”
Foremost, Dorsey says, wants to put Agrawal in the top spot:
“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.”
Additionally, Dorsey says he’s anxious for current board member Brett Taylor to take on the role of chairman, stating, “He understands entrepreneurship, taking risks, companies at massive scale, technology, product, and he’s an engineer. All of the things the board and the company deserve right now. Having Bret in this leadership role gives me a lot of confidence in the strength of our board going forward.”
Lastly, Dorsey says he’s thinking of his employees, to whom he writes, “All of you have the potential to change the course of this company for the better. I believe this with all my heart!”
In a postscript, Dorsey adds, “I’m tweeting this email. My one wish is for Twitter Inc to be the most transparent company in the world. Hi mom!”
Dorsey—who remains CEO of the financial payments company, Square—has left Twitter before. After founding the platform in 2006 he was forced out as CEO over a clash with a fellow founder in 2008 and returned in 2015.
He’s had a turbulent time since. For instance, be was called to testify before Congress last year, with some legislators grilling him over whether or not Twitter censors conservative speech, while others accused him of leaving open the digital floodgates to political extremism.
Most famously, after issuing several warnings about not spreading nonsense on Twitter, Dorsey & Co. permanently banned Donald Trump from the service two days after the attack on the U.S. Capitol “due to the risk of further incitement of violence.”
Dorsey, 45, is a dedicated cryptocurrency enthusiast. His Twitter bio reads simply, “#bitcoin,” and in March he sold his first tweet— “just setting up my twttr”—for nearly $3 million.
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