WASHINGTON: Twitter co-founder Jack Dorsey introduced Monday he was stepping down because the social media community’s CEO, over a 12 months after he survived a bid to oust him by an activist investor.
Dorsey, who is also chief government of funds firm Sq., got here beneath stress in 2020 from Elliott Administration amid issues he had unfold himself too skinny by operating each firms.
“I’ve determined to depart Twitter as a result of I imagine the corporate is able to transfer on from its founders,” Dorsey stated in an announcement.
The corporate stated Twitter’s chief technical officer Parag Agrawal will exchange Dorsey within the prime publish.
“My belief in Parag as Twitter’s CEO is deep […] It is his time to steer,” Dorsey stated.
Dorsey will stay a member of the board till his time period expires on the 2022 assembly of stockholders.
Twitter in March 2020 made a cope with key traders to finish an effort to oust the chief, creating a brand new committee on the board of administrators to maintain tabs on firm management.
Like many Silicon Valley celebrities, from Mark Zuckerberg and Steve Jobs to Invoice Gates or Michael Dell, Dorsey dropped out of faculty, by no means graduating from both of the schools he attended, one in his native Missouri and the opposite in New York.
Dorsey is credited with developing with the concept for Twitter when eventual co-founder Evan Williams gave staff at running a blog startup Odeo two weeks to work on enjoyable new initiatives as a option to break up the day by day routine.
He ran Twitter in 2007-2008 however returned as CEO after Dick Costolo resigned in June 2015.
Dorsey was pushed out of the chief chair his first time round, and on the time was stated to have made a greater engineer than boss, identified to depart early for private pursuits corresponding to stitching or yoga lessons.
Twitter’s incoming CEO Agrawal joined the corporate in 2011 and has served as chief know-how officer since October 2017, the place he was answerable for the community’s technical technique.
Agrawal holds a PhD in laptop science from Stanford College and a bachelor’s diploma in laptop science and engineering from the Indian Institute of Expertise in Bombay.
Nasdaq briefly suspended buying and selling of Twitter on Monday, citing “information pending,” however the share was up 4.5 % following the announcement.