Jack Dorsey, the founder and head of Twitter, one of the most popular social networking platforms in the world, has officially resigned as CEO of the company.
The board member and former chief technology officer, Parag Agrawal, has been appointed chief executive officer, while Dorsey will remain on the board until the end of his term at next year’s shareholders’ meeting, the company said.
“I decided to leave Twitter because I believe the company is ready to go beyond its founders,” Dorsey said in a statement posted on Twitter. “My confidence in Parag as Twitter CEO is deep. His work over the last 10 years has been transformative. I am deeply grateful for his ability, heart and soul. It is time for him to lead.”
Dorsey warned of possible pitfalls from keeping a company founder in power for a long time. “There is a lot of talk about the importance of a company being ‘under the leadership of the founders,'” he said. “Ultimately I think it is very restrictive and a unique point of failure.” He added: “And there are not many founders who choose their company instead of their own ego. I know we will prove that this was the right move. “
CNBC was the first to report Dorsey’s departure on Monday. Dorsey remains CEO of digital payment company Square.
Parag Agrawal, an Indo-American, joined Twitter as a Distinguished Software Engineer in 2011. He became Chief Technology Officer in 2017.
nbcnews.com
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