Confirming rumors first reported this morning by CNBC, Twitter co-founder and CEO Jack Dorsey introduced his departure. The corporate confirmed that CTO Parag Agrawal will succeed him and says Bret Taylor is taking up as the brand new chairman of the board.
Dorsey returned to lead the company as CEO in 2015 regardless of being compelled out of the publish in 2008. He continues to function the CEO of Sq., and final evening tweeted “I really like Twitter.”
Within the firm’s official assertion, Dorsey says, “I’ve determined to go away Twitter as a result of I imagine the corporate is able to transfer on from its founders. My belief in Parag as Twitter’s CEO is deep. His work over the previous 10 years has been transformational. I’m deeply grateful for his talent, coronary heart, and soul. It’s his time to steer.”
In a letter to staff, Dorsey instructed them he’ll serve out his time period on the board of administrators till “Might-ish” when he can even depart that place and defined his resolution as follows:
Why not keep or develop into chair? I imagine it’s actually vital to offer Parag the area he wants to steer. And again to my earlier level, I imagine it’s essential an organization can stand by itself, freed from its founder’s affect or course.
I would like you all to know that this was my resolution and I personal it. It was a tricky one for me, in fact. I really like this service and firm…and all of you a lot. I’m actually unhappy…but actually blissful. There aren’t many corporations that get to this stage. And there aren’t many founders that select their firm over their very own ego. I do know we’ll show this was the suitable transfer.
New CEO Parag Agrawal joined the corporate in 2011 as an adverts engineer, finally taking the title of CTO in 2018. At the moment, the corporate mentioned, “In his capability as CTO, he’s targeted on scaling a cohesive machine studying and AI strategy throughout our shopper and income product and infrastructure groups.” Whereas Dorsey is well-known for his pursuits in blockchain know-how, cryptocurrency, and decentralization, Agrawal has been leading the corporate’s Bluesky effort to create an “open and decentralized customary for social media.”
In his personal be aware to staff forward of an all-hands assembly tomorrow, Agrawal says, “I joined this firm 10 years in the past when there have been fewer than 1,000 staff. Whereas it was a decade in the past, these days really feel like yesterday to me. I’ve walked in your footwear, I’ve seen the ups and downs, the challenges and obstacles, the wins and the errors. However then and now, above all else, I see Twitter’s unimaginable impression, our continued progress, and the thrilling alternatives forward of us.”