Twitter co-founder Jack Dorsey has stepped down as chief executive officer of the social media company. Mr Dorsey posted a statement on his Twitter account, in which he said, “I want you all to know this was my decision and I own it.” Dorsey’s departure marks the end of his second CEO stint at the social networking site. He was replaced effective immediately by chief technology officer (CTO) Parag Agrawal who has been with Twitter for more than a decade. Agrawal earned an undergraduate degree from the Indian Institute of Technology Bombay, and a Ph.D. in computer science from Stanford University.
“I look forward to building on everything we have accomplished under Jack’s leadership and I am incredibly energized by the opportunities ahead. By continuing to improve our execution, we will deliver tremendous value for our customers and shareholders as we reshape the future of public conversation,” Parag Agrawal declared. Twitter also announced on Tuesday a new board chairman, Bret Taylor, to replace its existing chair, Patrick Pichette. Mr Pichette will remain on the board. Dorsey will remain a member of the board until his term expires at the 2022 meeting of stockholders. “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement. He is also running Square Inc, a payments firm he founded.Twitter shares surged 9 per cent in early trading. After the announcement, trading was suspended. In early 2020, Mr Dorsey faced calls from Elliott Management Corp to step down, after the hedge fund argued that he was paying too little attention to Twitter while also running Square Inc. Twitter has just over 200 million daily active users. Twitter missed Wall Street expectations on revenue and earnings per share last quarter. The company has been exploring many ways of making money over the last couple of years.