Twitter CEO Jack Dorsey has stepped with immediate effect, replacing him, the company board unanimously appointed the tech giant’s chief technology officer (CTO) Parag Agrawal as Dorsey’s replacement.
After almost 16 years Jack Dorsey has decided it’s finally time to leave Twitter. Though, he will remain a member of the board until his term expires at the 2022 meeting of stockholders, the company has said.
This news has broken just two short days after Dorsey Tweeted, “I love Twitter.”
In a farewell statement, Dorsey wrote, “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders.”
He reaffirmed that although it was a tough choice, “I want you all to know this was my decision I own it.”
“I’m really sad … yet really happy,” he continued.
Elaborating further on his momentous move, Dorsey gave three detailed reasons for his resignation.
The first was Agrawal becoming CEO, he was Dorey’s personal choice for some time and was lauded as being critical to turning the company around.
Secondly, entrepreneur Bret Taylor’s recent appointment, which instilled confidence in Dorsey about the strength of the board going forward.
Finally, he mentioned “you,” providing a jolt of optimism about everyone involved with Twitter.
Dorsey used new CEO Agrawal as an example, highlighting how the former engineer’s unbridled ambition helped him rise to the highest echelons of one of the worlds most culturally impactful companies.
He added, “All of you have the potential to change the course of this company for the better.”
However, perhaps now Dorsey will have more time to spend on his passion for bitcoin, which he’s praised for being “a foundational internet technology this is not controlled or influenced by any single individual or entity.”
He’s previously said that “If I were not at Square or Twitter, I’d be working on bitcoin.”
Dorsey first became Twitter CEO in 2007 but left the position in 2008, before again returning to the role in 2015.
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