Parag Agrawal Turns into Twitter’s New CEO as Jack Dorsey Steps Down

Twitter Leader Govt Officer Jack Dorsey has resigned from his position and corporate CTO Parag Agrawal has been unanimously decided on through the board as his successor. The corporate’s board has been getting ready for Dorsey’s departure since remaining 12 months, a supply instructed Reuters. The scoop comes as Twitter has sped up the tempo of its product innovation over the last 12 months to compete with social media competitors comparable to Fb and TikTok, and to succeed in its purpose of doubling annual income through 2023.

Dorsey additionally tweeted to give an explanation for his causes for stepping down as Twitter CEO after 16 years and why Agrawal was once are compatible to guide the corporate Dorsey co-founded in 2006.

“I have made up our minds to go away Twitter as a result of I imagine the corporate is able to transfer on from its founders. My agree with in Parag as Twitter’s CEO is deep. His paintings over the last 10 years has been transformational. I am deeply thankful for his talent, middle, and soul. It is his time to guide,” stated Dorsey.

now not positive somebody has heard however,

I resigned from Twitter pic.twitter.com/G5tUkSSxkl

— jack⚡️ (@jack) November 29, 2021

“I wish to thank the Board for his or her self belief in my management and Jack for his persisted mentorship, reinforce, and partnership,” stated Agrawal in a ready observation. “I look ahead to development on the whole lot we have now completed underneath Jack’s management and I’m extremely energised through the alternatives forward”.

Agrawal joined Twitter in 2011 and has served as Leader Generation Officer (CTO) since October 2017, as consistent with a press observation launched through Twitter. Previous to being appointed CTO, the corporate stated Agrawal rose to be Twitter’s first ‘Prominent Engineer’ because of his paintings throughout income and shopper engineering. The Indian-origin govt holds a Ph.D. in Pc Science from Stanford College and a Bachelor’s Level in Pc Science and Engineering from the Indian Institute of Generation, Bombay.

Along with Dorsey’s departure and Agrawal taking up as Twitter CEO, the corporate additionally introduced that Bret Taylor, a member of the Twitter Board since 2016, has been named Unbiased Chair of the Board.

Stocks of the microblogging platform surged nine % in early buying and selling, whilst the ones of virtual bills company Sq., of which Dorsey may be leader govt, have been up three %. Buying and selling within the stocks was once then suspended forward of an anticipated announcement.

In his tweet on November 28, Dorsey stated: “I like twitter”. The “likes” on that tweet surged to greater than 54,000 on Monday.

CNBC was once first to record Dorsey’s transfer.

In early 2020, Dorsey confronted calls from Elliott Control Corp to step down, after the hedge fund argued that he was once paying too little consideration to Twitter whilst additionally operating bills processing corporate Sq. Inc.

Dorsey fended off the power through giving Elliott and its best friend, buyout company Silver Lake Companions, seats on Twitter’s board.