Parag Agarwal Becomes Twitter’s New CEO as Jack Dorsey Steps Down

Twitter Chief Government Officer Jack Dorsey has resigned from his function and firm CTO Parag Agarwal has been unanimously chosen by the board as his successor. The corporate’s board has been making ready for Dorsey’s departure since final yr, a supply informed Reuters. The information comes as Twitter has accelerated the tempo of its product innovation over the previous yr to compete with social media rivals comparable to Fb and TikTok, and to succeed in its objective of doubling annual income by 2023.

Dorsey additionally tweeted to clarify his causes for stepping down as Twitter CEO after 16 years and why Agarwal was match to steer the corporate Dorsey co-founded in 2006.

“I’ve determined to go away Twitter as a result of I consider the corporate is able to transfer on from its founders. My belief in Parag as Twitter’s CEO is deep. His work over the previous 10 years has been transformational. I am deeply grateful for his ability, coronary heart, and soul. It is his time to steer,” stated Dorsey.

Shares of the microblogging platform surged 9 % in early buying and selling, whereas these of digital funds agency Square, of which Dorsey can be chief government, have been up three %.

Buying and selling within the shares was then suspended forward of an anticipated announcement.

In his tweet on November 28, Dorsey stated: “I like twitter”. The “likes” on that tweet surged to greater than 54,000 on Monday.

CNBC was first to report Dorsey’s transfer.

In early 2020, Dorsey confronted calls from Elliott Administration Corp to step down, after the hedge fund argued that he was paying too little consideration to Twitter whereas additionally working funds processing firm Sq. Inc.

Dorsey fended off the stress by giving Elliott and its ally, buyout agency Silver Lake Companions, seats on Twitter’s board.



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