Jack Dorsey has stepped down as CEO of popular social media platforms, Twitter. The position will be taken over by the current chief technical officer Parag Agrawal.
Dorsey co-founded Twitter in 2006 Biz Stone, Evan Williams and Noah Glass.
He has been serving as CEO since then and is known as the face of the company. He has also been serving under the same capacity on his payment firm. Square.
“It’s finally time for me to leave” he wrote in a statement.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey added.
He is expected to continue serving as a board member until his term expires in 2022.
“There’s a lot of talk about the importance of a company being ‘founder-led’. Ultimately I believe that’s severely limiting and a single point of failure,” he wrote in an attached email he sent to staff.
Newly appointed board chairman Bret Taylor who has been a member of Twitter’s board after a stint at Google and Salesforce, thanked Dorsey for his visionary leadership and unrelenting dedication since the founding of the company.
“Jack has given the world something invaluable and we will continue to carry it forward.” Taylor said.
Agrawal joined Twitter in 2011 and has been serving as Chief Technical Officer since 2017. He has been in charge of strategy incorporating artificial intelligence and machine learning.
According to the email from Dorsey that was published on Twitter, Agrawal had been his choice to run the company for a while now, given how deeply he understands the company and its needs.