Parag Agrawal is new Twitter CEO; Jack Dorsey steps down

Mangalore Today News Network

New Delhi, Nov 29, 2021: Twitter CEO Jack Dorsey has announced that he is stepping down, confirming rumours of his exit, while the Chief Technology Officer (CTO) of Twitter, Parag Agrawal, will take over the role as CEO.

 

Jack Dorsey in his note to Twitter employees wrote: “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 is finally time for me to leave.”

The company’s board has been preparing for Dorsey’s departure since last year.

Meanwhile, Agarwal took to his Twitter account to share the news and expressed his gratitude to Dorsey and the team. "Deep gratitude for Jack Dorsey 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 wrote.

Twitter Inc in a statement announced that Jack Dorsey has decided to step down as Chief Executive Officer and that the Board of Directors has unanimously appointed Parag Agrawal as CEO and a member of the Board, effective immediately.

However, Dorsey will remain a member of the board until his term expires at the 2022 meeting of stockholders. Bret Taylor was named the new Chairman of the Board, succeeding Patrick Pichette who will remain on the Board and continue to serve as chair of the Audit Committee.

The news comes as Twitter has accelerated the pace of its product innovation over the past year to compete with social media rivals such as Facebook Inc (FB.O) and TikTok, and to reach its goal of doubling annual revenue by 2023, according to a report by Reuters.

Courtesy:India Today