Dorsey 45, will remain a member of the Board until his term expires at the 2022 meeting of stockholders, the company said in a statement
Jack Dorsey, Twitter chief executive officer, has reportedly stepped down from the role, leaving Parag Agrawal to succeed him.
Dorsey 45, will remain a member of the Board until his term expires at the 2022 meeting of stockholders, the company said.
The company’s chief technology officer, Parag Agrawal, will take over the helm, the company said Monday.
Twitter shares were up around 2% on the news.
The CNBC reports that Dorsey was serving as both the CEO of Twitter and Square, his digital payments company.
Also, Salesforce President and COO Bret Taylor will become the Chairman of the Board, replacing Patrick Pichette, a former Google executive, who will remain on the board as chair of the Audit Committee.
“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.
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 strategies involving artificial intelligence and machine learning.
CNBC recalls that Dorsey had 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 a boss in 2015 after former CEO Dick Costolo stepped down.
Shares have jumped 85% since Dorsey took over as CEO on Oct 5. 2015. Meantime, Square shares have surged 1,566% since its Nov. 19, 2015, initial public offering.