Twitter CEO Jack Dorsey will officially step down from his role, effective immediately, reports Fox Business.
Dorsey steps down
Dorsey co-founded Twitter with Evan Williams, Biz Stone and Noah Glass back in 2006 and served as CEO until 2008. He later returned to the CEO role in 2015 after former CEO Dick Costolo stepped down. He has a net worth of approximately $11.8 billion, according to real-time tracking by Forbes.
“There’s a lot of talk about the importance of a company being ‘founder led‘,” Dorsey said in an email to employees shared on Twitter Monday. “Ultimately, I believe that’s severely limiting and a single point of failure. I’ve worked hard to ensure this company can break away from its founding and founders.”
Dorsey will be replaced by Twitter chief technology officer Parag Agrawal, who has been unanimously appointed by the social media giant’s board.
“He’s been my choice for some time given how deeply he understands the company and its needs,” Dorsey explained. “Parag has been behind every critical decision that has turned this company around.”
He also expressed his confidence in incoming independent board chairman Bret Taylor.
“He understands entrepreneurship, taking risks, companies at massive scale, technology, product and he’s an engineer,” Dorsey said. “All of the things the board and the company deserve right now.”
In addition, he praised the ambition and potential of the Twitter team.
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Source: Fox Business