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Jack Dorsey steps down as CEO of Twitter

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Jack Dorsey steps down as CEO of Twitter

Twitter CEO Jack Dorsey has stepped down as head of the social media platform he co-founded a decade and a half in the past.

 

Twitter made the announcement on Monday, Nov. 29.

 

Board member and former Chief Expertise Officer Parag Agrawal, 45, who joined Twitter in 2011 and has been serving because the CTO since 2017, was appointed CEO, efficient instantly, and Dorsey will stay a member of the board till his time period expires at subsequent yr’s stockholders’ assembly, the corporate stated.

 

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Jack Dorsey steps down as CEO of Twitter

Parag Agrawal

 

Dorsey stated in an announcement launched by Twitter: “I’ve determined to go away Twitter as a result of I consider the corporate is able to transfer on from its founders.

 

“My belief in Parag as Twitter’s CEO is deep. His work over the previous 10 years has been transformational. I am deeply grateful for his talent, coronary heart, and soul. It is his time to guide.”

 

Dorsey warned of potential pitfalls of an organization founder staying on for too lengthy.

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He stated “There’s loads of discuss in regards to the significance of an organization being ‘founder-led’.

 

“Finally I consider that’s severely limiting and a single level of failure.”

 

In an electronic mail to firm staff he posted to Twitter on Monday, Dorsey denied that he was being pushed out of the corporate’s management and claimed to be resigning in order that the corporate can transfer on from its founders.

 

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“I’ve labored laborious to make sure this firm can break free from its founding and founders,” he wrote, noting that “there aren’t many founders that select their firm over ego.”

 

“I do know we’ll show this was the precise transfer,” he added.

 

Dorsey stays CEO of Sq., his digital funds firm. Dorsey is the one particular person to be CEO of two public firms with market valuations of better than $5 billion.

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In his assertion, Dorsey didn’t point out Sq. or investor strain beforehand introduced on him to choose one of many govt posts.

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There have been considerations about his time being divided between Twitter and funds firm Sq. Inc., each multimillion-dollar firms.

 

Dorsey was beforehand pushed out of his management place within the firm in 2008 amid claims he stored leaving work early to get pleasure from different pursuits like yoga and vogue design, and selected enhancements to the positioning over income. 

 

In March 2011, Dorsey was named govt chairman, and when new CEO Dick Costolo introduced his resignation in June 2015, Dorsey returned.

 

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Dorsey will now stay on Twitter’s board of administrators by means of his present time period, which runs by means of 2022, however will step apart as chairman, with present board member Bret Taylor set to imagine these duties.

 

As soon as his time period ends, Dorsey advised employees, he’ll depart the corporate totally.  

 

His departure comes after a serious bust up between Dorsey and Elliott Administration final yr, a hedge fund run by Paul Singer which has a considerable stake in Twitter, which ended within the hedge fund attempting to interchange him as CEO.

 

Whereas Dorsey managed to carry onto his position, the hedge fund was capable of pressure Twitter to make a number of modifications to its company construction. It was introduced on the time {that a} board committee could be shaped to “consider the CEO succession plan,” in response to The Verge.

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