Jack Dorsey steps down as Twitter CEO; Parag Agrawal becomes the successor

The news comes as Twitter has accelerated the pace of its product innovation over the past year to vie with social media rivals like Facebook INC and TikTok, and to achieve its goal of doubling annual revenue by 2023.

Twitter INC Chief Executive Officer Jack Dorsey is reportedly stepping down from his role and Chief Technology Officer and Parag Agrawal will become his successor, Twitter proclaimed on weekday.

“Deep gratitude for Jack and our entire team, then abundant excitement for the long run,” Agrawal, an IIT-Bombay grad, aforementioned in a very tweet in conjunction with a note.

“The world is observing us now, even more then they have before. Numerous individuals are progressing to have scores of completely different views and opinions regarding today’s news. It’s as a result of their care regarding Twitter and our future, and it’s a sign that the work we have to do here matters,” Agrawal wrote.

The news comes as Twitter has accelerated the pace of its product innovation over the past year to vie with social media rivals like Facebook INC and TikTok, and to achieve its goal of doubling annual revenue by 2023.

Twitter wasn’t instantly available for comment.
Shares of the microblogging platform surged on Sep 11 in early selling, whereas those of digital payments firm sq. INC, of which Dorsey is additionally a chief executive, were up 3%. Trading within the shares was then suspended sooner than an expected announcement.

Dorsey co-founded Twitter in 2006 and have become corporate executive the subsequent year.

In 2008, Co-founder EV Williams and member Fred Wilson pushed out Dorsey because the social media web site gained steam with users and that they determined he was unfit to steer the corporate.

But once years of stagnant growth and a slumping share value, Dorsey came back as a corporate executive in 2015 whereas continued to steer the company.

In the early 2020, Dorsey faced calls from Elliott Management firm to step down, Once the hedge fund argued that he was paying insufficient attention to Twitter whereas conjointly running payments process company sq. INC. Dorsey fended off the pressure by giving Elliott and its ally, acquisition firm Silver Lake Partners, seats on Twitter’s board.

Author