Twitter co-founder, Jack Dorsey has announced that he’s stepping down as Chief Executive Officer (CEO) of the social media company.
Dorsey announced his resignation on his Twitter page on Monday, where he revealed that he will be replaced by the chief technical officer, Parag Agrawal, as the company’s new CEO.
He wrote, “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 related statement, the company said the board of directors unanimously approved the appointment of Agrawal as CEO and a member of the board with immediate effect.
The company said Dorsey will remain on the board until at least 2022, with Bret Taylor becoming independent chairman.
Dorsey, who co-founded Twitter in 2006, served as CEO until 2008 when he moved to board chairman. He became interim CEO in 2015 following the resignation of Dick Costolo.
KanyiDaily had recently reported that Jack Dorsey’s mobile payments firm, Square, recently acquired a majority stake in Tidal, the streaming music service led by rapper Jay-Z.
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