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Twitter’s Jack Dorsey steps down as CEO of Twitter

Twitter, the popular micro-blogging site where millions of people get breaking news, has experienced another leadership change, with Jack Dorsey giving way to Parag Agrawal, former CTO. Bret Taylor will also replace Dorsey as the chairman of the board of directors.

This is the second time Dorsey, who co-founded the company in 2006, is leaving the position of Twitter CEO after being forced out in 2008. He returned in 2015 but is now going on his terms.

Dorsey remains as CEO of Square, a financial payments company with a market capitalization of over $98 billion.

Explaining why he is leaving, Dorsey said in Twitter’s official statement:

“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.”

Dorsey could have remained as the board chairman, but he explained why he is leaving that post as well:

“Why not stay or become chair? I believe it’s really important to give Parag the space he needs to lead. And back to my previous point, I believe it’s critical a company can stand on its own, free of its founder’s influence or direction.

I want you all to know that this was my decision and I own it. It was a tough one for me, of course. I love this service and company…and all of you so much. I’m really sad…yet really happy. There aren’t many companies that get to this level. 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 will remain on the board until the end of his term next year.

Agrawal joined Twitter in 2010 as an ads engineer and became the CTO in 2018. Twitter described Agrawal’s role as thus:

“In his capacity as CTO, he’s focused on scaling a cohesive machine learning and AI approach across our consumer and revenue product and infrastructure teams.”

Ahead of an all-hands meeting, the new CEO sent a message to all employees:

 “I joined this company 10 years ago when there were fewer than 1,000 employees. While it was a decade ago, those days feel like yesterday to me. I’ve walked in your shoes, I’ve seen the ups and downs, the challenges and obstacles, the wins and the mistakes. But then and now, above all else, I see Twitter’s incredible impact, our continued progress, and the exciting opportunities ahead of us.” 

The 45-year-old Dorsey had seen efforts to replace him, spearheaded by Paul Singer, a stakeholder and the founder of Elliot Management, through which he owns shares. He raised concerns about Dorsey’s ability to run Twitter and Square at the same time. However, a deal between Elliot Management and Twitter allowed Dorsey to continue.

At the news of Dorsey’s second departure, Elliot Management released a statement:

“Twitter is now executing against an ambitious multi-year plan to dramatically increase the company’s reach and value, and we look forward to the next chapter of Twitter’s story. Having gotten to know both incoming Chairman Bret Taylor and incoming CEO Parag Agrawal, we are confident that they are the right leaders for Twitter at this pivotal moment for the company.” 

Dorsey’s stints at Twitter had been eventful, as he had had to appear before Congressional committees to defend his company. He was in charge when Twitter banned the famous account of ex-President Donald Trump after repeated warning labels were placed on the ex-President’s tweets in the wake of the last presidential election. The ban came after the ex-President’s supporters tried to force their way into the US Capitol to stop the certification process of the current president.

The ex-President tried to get a court to force Twitter to restore his account.

Dorsey also oversaw fundamental changes to Twitter, including increasing the character limit from 140 to 280.

Agrawal will now oversee Twitter’s push to innovate its products to catch up with other platforms like Facebook and TikTok. The company aims to reach 315 million monetizable daily active users and double its annual revenue by 2023.

Written by HackerVibes

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