Recent reports of Twitter CEO Jack Dorsey’s resignation have been confirmed, and stock prices for the company soared following the Monday morning announcement.
With a tweet shared on Monday, Dorsey confirmed that he was stepping down from the head position of the company, citing a belief that the company should now run free from its founders. This is in spite of years of a “founder-led” culture amongst tech businesses. Dorsey cited the company’s strength as a reason for his resignation.
Dorsey issued an email that detailed how he came to the decision on his own and that whatever follows “I own it.” Dorsey added that he believes the future will show that “this was the right move.” Dorsey passively dug at other tech founders by claiming that they refuse to leave their respective companies “over their own ego.”
After the news of Dorsey’s departure was confirmed by with a CNBC report, Twitter’s share prices skyrocketed by 11%.
Parag Agrawal, Twitter’s chief technology officer, will take Dorsey’s former position as the CEO. Bret Taylor has been appointed as the board chairman.
Dorsey gave high praise to Agrawal, saying that he fully trusts the new CEO to lead the company forward.
In a press release, Agrawal explained how he is looking forward to serving as the next CEO of the tech giant. Agrawal promised to improve value for shareholders and customers with the service, as well as continue to “reshape the future of public conversation.” He thanked Dorsey and Twitter’s board for giving him the responsibility of leading one of the most visited sites on the planet.
Dorsey is stepping down as CEO immediately, but will remain on Twitters board until May when his term ends. He claims that this will ease the transition of leadership.
Until Monday, Dorsey was the CEO of both Twitter and the digital payment company Square. Elliott Management, one of Twitter’s key stakeholders previously called for Dorsey’s resignation from the services.
Elliott Management attempted to replace Dorsey in 2020, but came to an agreement with management. Dorsey is the founder of Twitter, and served as the CEO from its beginning until 2008, resuming that title in 2015.
Author: Shirley Green
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