November 30, 2021
Twitter CEO Jack Dorsey is stepping down, effective immediately, reports CNBC. Parag Agrawal, the company’s chief technology officer, will take over the helm, the company said on Monday, November 29.
Dorsey, 45, was serving as both the CEO of Twitter and Square, his digital payments company. Dorsey will remain a member of the board until his term expires at the 2022 meeting of stockholders, the company said.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement, although he didn’t provide any additional detail on why he had decided to resign.
Agrawal will have to meet Twitter’s aggressive internal goals. The company said earlier this year it aims to have 315 million monetizable daily active users by the end of 2023 and to at least double its annual revenue in that year.
Agrawal, who has served as CTO since 2017, has been with Twitter for more than a decade. He had been in charge of strategy involving artificial intelligence and machine learning; and he has led projects to make tweets in users’ timelines more relevant to them.
Agrawal also was previously tasked with finding a leader for Project Bluesky, a research project Twitter launched to establish open and decentralized standards for social media platforms.
Dorsey had previously said that Bluesky will help social media companies collaborate on how posts are promoted to users and will give users more control over the content they see. Bluesky also could make it easier for the social networks to enforce restrictions against hate speech and other abuse—essentially helping them share the load at a lower cost.
Dorsey said in an email he published on Twitter that Agrawal has been his choice to lead the company “for some time given how deeply he understands the company and its needs.”
Dorsey faced an ousting last year when Twitter stakeholder Elliott Management sought to replace him. Elliott Management founder and billionaire investor Paul Singer had wondered whether Dorsey should run both of the public companies. Singer called for Dorsey to step down as CEO of one of them before the investment firm reached a deal with Twitter’s management.
Dorsey, who co-founded the social media giant in 2006, served as CEO until 2008 before being pushed out of the role. He returned to lead Twitter in 2015 after former CEO Dick Costolo stepped down.
Research contact: @CNBC