San Francisco: Twitter co-founder Jack Dorsey on Monday announced that he is stepping down as CEO of the social media platform. Indian-origin technology executive Parag Agrawal has been appointed as the new CEO of Twitter.
Dorsey will remain on the board until his term expires in 2022.
In a letter posted on his Twitter account, Dorsey said, "after almost 16 years of having a role at our company...from co-founder to CEO to Chair to Exec Chair to interim-CEO to CEO. I decided it's finally time for me to leave."
"There's a lot of talk about the importance of a company being "founder-led". Ultimately I believe that's severely limiting and a single point of failure. I have worked hard to ensure that this company can break away from its founding and founders....I believe it's critical a company can stand on its own, free of its founder's influence or direction ," Dorsey said.
Dorsey said he was “really sad...yet really happy” about leaving the company and that it was his decision. "I want you all to know that this was my decision and I own it. It was a tough one for me, of course. I love this service and company...and all of you so much. I'm really sad..yet really happy. There aren't many companies that get to this level. And there aren't many founders that choose their own company over their own ego. I know we'll prove this was the right move," he said.
Read: Twitter surges on report that Dorsey will step down as CEO
About Agrawal being appointed as the new CEO, Dorsey said, "The board ran a rigorous process considering all options and unanimously appointed Parag. 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."
Agrawal, an IIT Bombay and Stanford alumnus, said in a note posted on Twitter that he is honored and humbled on his appointment and expressed gratitude to Dorsey's continued mentorship and your friendship. Agrawal has been CTO since 2017 and at Twitter since 2011.
Twitter was caught up in the heated political atmosphere leading up to the 2020 election. Former President Donald Trump was banned from Twitter, with Dorsey defending the move, saying the Jan. 6 Capitol riot and Trump’s tweets after the event resulted in a risk to public safety and created an “extraordinary and untenable circumstance” for the company. Trump sued the company, along with Facebook and YouTube, in July for alleged censorship.
The early days of Twitter began with a tweet sent by Dorsey on March 21, 2006, that read “just setting up my twttr.” Twitter went through a period of robust growth during its start, but as the growth slowed the San Francisco company began tweaking its format in a bid to make it easier and more engaging to use.
Dorsey initially became Twitter CEO in 2007, but was forced out the next year. He returned to the role in 2015.
(with agency inputs)
