Ultimately I believe that’s severely limiting and a single point of failure,” he wrote. “There’s a lot of talk about the importance of a company being ‘founder-led’. In an email to staff on Monday Dorsey wrote that after 16 years at the company, it was time to leave. In his most recent tweet on the site, posted Sunday, Dorsey wrote: “I love Twitter.” “I want to thank the board for their confidence in my leadership and Jack for his continued mentorship, support and partnership,” said Agrawal. It’s his time to lead,” said Dorsey.Īgrawal has been with Twitter for a decade and served as CTO since 2017. I’m deeply grateful for his skill, heart and soul. His work over the past 10 years has been transformational. My trust in Parag as Twitter’s CEO is deep. “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. The company said Dorsey would step down immediately but that Dorsey would remain on the board until Twitter’s stockholder meeting in 2022.
Twitter’s shares rose 11% after the news broke on CNBC before being briefly suspended. The surprise move ends Dorsey’s much criticized tenure as chief executive officer of both Twitter and Square, his digital payments company, which led to Twitter stakeholders Elliott Management and billionaire investor Paul Singer calling on him to step down from one of those roles.