Twitter CEO Jack Dorsey steps down

Jack Dorsey, co-founder and CEO of Twitter, announced that he has resigned his post, which will be taken over by current CTO Parag Agrawal.

Appropriately, Dorsey resigned by posting an internal message on his Twitter account.

not sure anyone has heard but,

I resigned from Twitter pic.twitter.com/G5tUkSSxkl

— jack⚡️ (@jack) November 29, 2021

Shares of Twitter surged initially on the news but closed down 2.74% for the day.

Dorsey had been serving as CEO of both Twitter and Square, a digital payments company. He said he will remain a member of the Twitter board until his term expires in mid 2022. Salesforce president and COO Bret Taylor will become the chairman of the board, taking over from Patrick Pichette, a former Google executive.

Agrawal, who has been with Twitter for more than 10 years, has served as CTO since 2017.

"There's a lot of talk about the importance of a company being 'founder-led'," Dorsey said in his message to the company. "Ultimately I believe that's severely limiting and a single point of failure. ... Why not stay or become chair? I believe it's really important to give Parag the space he needs to lead." 

Dorsey co-founded Twitter in 2006 and served as CEO until 2008 when he was pushed out of the role. But he returned in 2015 after then CEO Dick Costolo stepped down.