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Twitter CEO Jack Dorsey is stepping down from his role with the company.
On Monday, it was announced that Dorsey is stepping down and will be replaced by chief technology officer Parag Agrawal. Dorsey will remain on Twitter’s board of directors until his term expires at the 2022 annual meeting.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead,” Dorsey said in a statement.
Dorsey had plenty of praise for Twitter employees in his announcement that came as a staff-wide email which he shared on social media.
“There’s a lot of talk about the importance of a company being ‘founder-led.’ Ultimately I believe that’s severely limiting and a single point of failure,” Dorsey wrote.
“I want you all to know that this was my decision and I own it. It was a tough one for me, of course. I love this service and company…and all of you so much. I’m really sad…yet really happy. There aren’t many companies that get to this level. And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.”
Agrawal, who has been Twitter’s CTO since 2017, also released a statement on the news.
“I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership,” Agrawal said. “I look forward to building on everything we have accomplished under Jack’s leadership and I am incredibly energized by the opportunities ahead.”
