Twitter CEO Jack Dorsey announces surprised resignation

 

Twitter CEO Jack Dorsey announced his resignation on Monday morning, telling employees in a letter that CTO Parag Agrawal would be taking over the position. 

He writes in a tweet:

“Not sure anyone has heard, but I resigned from Twitter,” he tweeted unexpectedly, ending his parting note about the company’s future with “Hi mom!”

 Dorsey and Twitter said he would stay on the company's board until his term expires in May 2022. The board unanimously chose Agrawal to take over as CEO and said he will also join the board. 

In his letter to employees, Dorsey noted that Agrawal has been an engineer at the company for more than a decade and has served as CTO since 2017. 

Replacing him will be the now-former Chief Technology Officer (CTO) and board member Parag Agarwal, effective immediately. However, Dorsey will still remain a member of the board to aid in the transition, until his term expires at next year’s stockholder’s meeting, the company said.

Dorsey is the only person holding the position of CEO for two public companies with market valuations of greater than $5 billion & has been balancing these two big roles for the last few years. 

He was the CEO of both Twitter as well as the Digital Payments Company – Square. It’s also not the first time there have been talks of Dorsey leaving Twitter. Last year he faced an ousting when one of Twitter’s stakeholders tried to replace him. However, in his statement, Dorsey didn’t mention his other company – Square or the investor pressure previously brought on him to pick one of the executive positions.

“I want you all to know that this was my decision and I own it,” Dorsey said in his ending note. “It was a tough one for me, of course. I love this service and company.“

Dorsey still remains CEO of Square, his digital payments company. It was also soon after Dorsey’s resignation was reported that Twitter’s shares jumped about 10% on Monday morning before ending the day on a slightly lower note.

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