Twitter chief executive Jack Dorsey will step down from his position leading the social media company.
Twitter announced the transition, which CNBC first reported, in a press release Monday, confirming that Parag Agrawal, the social media platform’s current chief technology officer, will succeed Dorsey.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in the press release. “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.”
Dorsey will step down immediately, and will remain a member of Twitter’s board of investors until his term expires in 2022, the company announced.
Twitter’s share price rose 11% following the news reports that Dorsey would step down, according to CNBC.
Dorsey posted an internal memo to his Twitter account late Monday morning expanding on his thoughts and confirming his confidence in Agrawal.
“Parag understands Twitter and appreciates the Company’s unique potential,” Brett Taylor, chairman of Twitter’s board of investors, said in the press release. “He has been instrumental in tackling our most important priorities, including accelerating our development velocity, and I know he’ll hit the ground running to strengthen execution and deliver results. The Board has the utmost confidence in Parag.”
Twitter unrolled several new features for its platform in recent months, including a feature called “Spaces” that allows users to communicate with one another in a voice chat mode. The social media company also released a feature called “Twitter Blue” which allows users to access ad-free news coverage and other features through the Twitter platform.
Private equity firm Elliot Management previously attempted to oust Dorsey in 2020, the outlet reported.
This story is breaking and will be updated.
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