Twitter CEO Jack Dorsey has announced that he is stepping down from his position of CEO of Twitter. It confirmed the rumours of his exist from the company.
The news was official on Monday and was announced by the CEO himself. It has been more than 15 years that he has been the co founder and CEO of social media giant.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” said Dorsey in a statement.
Parag Aggarwal has been working with Twitter for over a decade. And has been serving the company as chief technology officer since 2017. And will take over the company immediately as CEO the company said.
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“My trust in Parag as Twitter’s CEO is deep,” said Dorsey. “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.”
Jack Dorsey will stay on the board of Twitter until his term expire and will be serving the company. He might leave after the stock holders meeting in 2022.
The ex CEO in Sunday posted a tweet on his tweeter handle on Sunday he wrote “I love Twitter.”
He later send email to his employees and share the email on Twitter. Dorsey said that he has really worked hard on this company. So that the company could breakaway from his founder.
“There aren’t many companies that get to this level,” Dorsey wrote. “And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.”
Dorsey has also served as the CEO of many other companies payments service Square, taking the mantle of both tech companies since 2015.
He helped in co founding the company and was the Twitter’s first CEO.
Before becoming the part of the family he had already worked on managing large scale management research with collaboration at firms such as Microsoft Research, Yahoo! Research, and AT&T Labs.
After being announced as the CEO of Twitter he shortly announced and said he us grateful to Dorsey for mentoring him .
“I am honoured and humbled. And I’m grateful for your (Dorsey’s) continued mentorship and your friendship. I’m grateful for the service that you built, the culture, soul, and purpose you fostered among us and for leading the company through really significant challenges,” he wrote.
After announcing Agarwal as the CEO, Twitter also announced that Bret Taylor, a member of the company’s Board since 2016, has been named the Independent Chair of the Board with immediate effect.
The company was founded in 2006 has seen a steady growth. And the leadership has been credited for it. It includes Jack and other of his teammates as well.. Since October 2015, when he had taken over as the CEO, Twitter’s shares have jumped cumulatively by 85 percent, according to CNBC.