Twitter co-founder Jack Dorsey is stepping down as chief executive of the company. He will be replaced by the current chief technical officer, Parag Agrawal, Twitter said.
Dorsey, 45, was serving as both the CEO of Twitter and Square, his digital payments company. Dorsey will remain a member of the board until his term expires at the 2022 meeting of stockholders, the company said. “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement.
Mr Agrawal joined Twitter in 2011, and has been the firm’s head of technology since 2017. He had been in charge of strategy involving artificial intelligence and machine learning and he led projects to make tweets in users’ timelines more relevant to them.
“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,” the company’s managing partner Jesse Cohn and senior portfolio manager Marc Steinberg said. “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.”