Jack Dorsey Resigns As Twitter CEO
Jack Dorsey, the co-founder of Twitter, is stepping down as CEO after 16 years. Parag Agrawal, the company’s current chief technology officer, will take over as his replacement.
On Monday, he announced his resignation, writing, “not sure anyone has heard but, I resigned from Twitter,” and posted a screenshot of the resignation letter he sent to Twitter.
In his letter, he stated he did not want Twitter to remain a founder-led company, which may be a liability in the long run. “I’ve worked hard to ensure this company can break away from its founding and founders,” Jack wrote. “I believe it’s critical a company can stand on its own, free of its founder’s influence or direction.”
“There aren’t many companies that get to this level. And there aren’t many founders that choose their company over their own ego,” Jack added.
He will remain on Twitter’s board until its next election in 2022, stressed that he had made the decision to leave and had not been forced to go. He said, “Parag is CEO starting today. I’m going to serve on the board through my term (May-ish) to help Parag and Bret with the transition. And after that…I’ll leave the board. Why not stay or become chair? I believe it’s really important to give Parag the space he needs to lead.”