Twitter CEO Jack Dorsey is stepping from the social media company.
Dorsey is stepping down as CEO of Twitter, effective immediately.
Meanwhile, the company’s chief technology officer, CTO, Parag Agrawal will replace him.
In a statement on Monday, Twitter said Dorsey will remain a member of the Board until his term expires at the 2022.
a meeting of stockholders will decide then.
Also, the company said Bret Taylor will become the Chairman of the Board.
Why Dorsey steps down as Twitter CEO:
Jack Dorsey, in a statement announcing his stepping down, said it is in the best interest of the company.
According to him, Twitter, like other tech companies, needs to move on without its founders.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement, though he didn’t provide any additional detail on why he decided to resign.
Agrawal will have to meet Twitter’s aggressive internal goals. The company said earlier this year it aims to have 315 million monetizable daily active users by the end of 2023 and to at least double its annual revenue in that year.
Agrawal, who’s served as CTO since 2017, has been with Twitter for more than a decade.
He had been in charge of strategy involving artificial intelligence and machine learning.
Dorsey faced an ousting last year when Twitter stakeholder Elliott Management had sought to replace him.
Elliott Management founder and billionaire investor Paul Singer had wondered whether Dorsey should run both of the public companies, calling for him to step down as CEO of one of them, before the investment firm reached a deal with the company’s management.
Dorsey, who co-founded the social media giant in 2006, served as CEO until 2008 before being pushed out of the role.
He returned to Twitter as boss in 2015 after former CEO Dick Costolo stepped down.
Shares have jumped 85% since Dorsey took over as CEO Oct 5. 2015. Meantime, Square shares have surged 1,566% since its Nov. 19, 2015 initial public offering.