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Twitter co-founder resigns as CEO: “It’s finally time for me to go”

Twitter co-founder Jack Dorsey, the social media giant’s most high-profile executive, resigns as CEO (Thank you BBC). Twitter’s current Chief Technical Officer, Parag Agrawal, will become the new Chief Executive.

“It’s finally time for me to go,” Dorsey wrote in a statement, adding that Twitter is “ready to move on”. Agrawal will become CEO immediately, while Dorsey will end his current term on the board (which he believes will last until “Mai-ish”) and then leave the company entirely.

Dorsey posted an internal email that he naturally circulated on Twitter.

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Dorsey co-founded Twitter with Biz Stone, Evan Williams and Noah Glass in 2006 and first tweeted about the service before overseeing the early years of growth. In 2008, he left the company to start Square, a payment service that has also grown into a multi-billion dollar company, before returning to Twitter in 2015 following the departure of then CEO Dick Costolo.

“There is a lot of talk about the importance of having a company run by a founder,” Dorsey wrote in his email to employees. “Ultimately, I believe this is very limiting and a single point of failure. I’ve worked hard to make sure this company can break away from its founding and its founders. “

Commenting on his decision to leave the company entirely, Dorsey added, “I think it’s really important, Parag [Agrawal] the space he needs to lead. ”Agrawal has been on Twitter since 2011 and followed positions at AT&T, Microsoft and Yahoo. As CTO, he led Twitter’s AI strategy and various projects to make tweets more relevant in users’ timelines.

He will have some difficult goals to achieve: according to CNBC’s annual report, “Twitter aims to have 315 million daily active users by the end of 2023 and to at least double its annual revenue this year.”

(Photo credit: Hindustan Times via Getty Images)

Dorsey’s email to the staff contains a postscript stating that he will post it on the website. “My only wish is that Twitter is the most transparent company in the world,” writes Dorsey. “Hi Mom!”

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