Jack Dorsey Resigns as Twitter CEO... Why Parag Agrawal Takes Over

Twitter co-founder and Chief Executive Jack Dorsey announced today his departure from the microblogging network services. The company confirmed that CTO Parag Agrawal would succeed him and take a seat on the board, effective immediately, while Bret Taylor is taking over as the board’s new chairman.

In the company’s official statement, Dorsey says, “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.”

In a letter to employees, Dorsey told them he will serve out his term on the board of directors until “May-ish” when he will also leave that position, and explained his decision.

Dorsey has been CEO of Twitter since 2015, presiding over a rocky but relatively successful run for the company. During the past couple of years, Twitter has started to rapidly roll out new products and features. And while not all of them have been hits, they’ve suggested a transformation into a far more nimble company ready to adapt to its users’ interests.

Twitter’s board initially didn’t want Dorsey to run the company. Dorsey was — and continues to be — the CEO of Square, and board members felt running Twitter should be a full-time job.

But after serving as interim CEO for several months, he eventually won them over. It’s Dorsey’s second stint as CEO, after briefly holding the role in 2007, shortly after founding the company and before being forced out in 2008.

More recently, Elliott Management, a major activist investor, tried to force Dorsey out of the job in 2020, concerned with his performance and Twitter’s growth.

Dorsey managed to hang on after reaching a deal with the firm, but it was announced that a board committee would be formed to “evaluate the CEO succession plan.”

Dorsey has also increasingly turned his attention to tech beyond the core of Twitter. He tweets a lot about Bitcoin, Web3, and other decentralized technologies. Plus, he’s still the CEO of Square. Last night, Dorsey tweeted simply, “I love Twitter.”