Twitter founder Jack Dorsey steps down as CEO

by time news

Twitter founder and CEO Jack Dorsey has left the post. He will be replaced by technical director Parag Agrawal, the company said. Mr. Dorsey will remain on the board until his term expires in 2022.

“I decided to leave Twitter because I believe the company is ready to abandon its founders. I trust Paragu deeply as CEO of Twitter. Ten years of his work changed the company. I am deeply grateful to him for his skill, heart and soul. His time has come, ”said Jack Dorsey.

Parag Agrawal has been on Twitter for over ten years, and has been CTO since 2017.

Also, the board of directors changed its chairman, instead of Patrick Picchett, this post will be taken by Bret Taylor. Mr Picchett will remain on the board and will continue to chair the audit committee.

According to CNBC sources, Mr. Dorsey and Twitter’s board of directors have been preparing for his departure since last year. In early 2020, investment fund Elliott Management, which is considered an activist investor and has a stake in Twitter, called on Mr. Dorsey to step down from that post, or the post of CEO of fintech service Square, which he also holds. According to the investment fund, Mr. Dorsey cannot pay equal attention to two companies at the same time. Jack Dorsey founded both of these companies – Twitter in 2006, Square in 2009.

He had already stepped down as CEO of Twitter in 2008, but took up the position again in 2015.

Twitter shares rose 11% at the beginning of trading, then their price declined slightly, but it still remains 3.5% higher than the price at auction on Friday.

Yana Rozhdestvenskaya, Ivan Makarov

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