Twitter co-founder and chief executive officer Jack Dorsey on Monday stepped down from his position. The company's board has unanimously appointed company's chief technology officer Parag Agrawal as his successor.
"After almost 16 years of having a role at our company from co-founder to CEO to Chair to Exec Chair to interim-CEO to CEO I decided it's finally time for me to leave. Parag is becoming our CEO," Dorsey said in a statement on Twitter.
Dorsey's resignation will come into effect immediately. However, he will remain a member of the Board till around May 2022 to enable a smooth transition.
"I've decided to leave Twitter because I believe the company is ready to move on from its founders," Dorsey said in a statement.
In the statement, Dorsey was all praises for Agrawal. "He's been my choice for some time given how deeply he understands the company and its needs. Parag has been behind every critical decision that helped this company around. He's curious, probing, rational, creative, demanding, self-aware, and humble. He leads with heart and soul, and is someone I learn from daily. My trust in him as our CEO in bone deep," he said.
Meanwhile, Parag Agrawal thanked Jack after being named the new CEO. "Deep gratitude for @jack and our entire team, and so much excitement for the future. Here’s the note I sent to the company. Thank you all for your trust and support," he tweeted.
In the statement, Agrawal said grateful for Dorsey's "continued mentorship and friendship". "I'm grateful for the service that you built, the culture, soul, and purpose you fostered among us, and for leading the company through significant challenges. I'm grateful for the trust you've put in me and for your continued partnership," he wrote.
