Jack Dorsey has announced his decision to step down from his position as the Chief Executive Officer (CEO) of Twitter, a social media platform he co-founded over 10 years ago.
Dorsey made this announcement in a statement published on his official twitter handle on Monday.
He explained that his decision to resign from his position as the CEO was hinged on the need to free Twitter from its founders as well as co-founders. He added that Twitter needs to move on and break away from its founders.
Dorsey, in the statement also announced that a board member and former Chief Technology Officer, Parag Agrawal will succeed him as the CEO of the social media platform, with immediate effect.
Also, Bret Taylor will become the chairman of the board meeting.
The statement partly reads, “After almost 16 years of having a role at our company…from co-founder to CEO to Chair to Exec Chair to interim-CEO to CEO…I decided it’s finally time for me to leave. Why?
“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. I’ve worked hard to ensure this company can break away from its founding and founders.”