Twitter Co-Founder Jack Dorsey has stepped down as Chief Executive Officer and Parag Agrawal has been selected to replace him, the Social Media Company announced on Monday.
While announcing his exit, Dorsey said, “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead,”
Agrawal, a 37-year-old immigrant from India, has been with Twitter for more than a decade and has served as Chief Technology Officer since 2017. He was also appointed a member of the Board on Monday.
Agrawal said, “I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership,” adding “I look forward to building on everything we have accomplished under Jack’s leadership, and I am incredibly energized by the opportunities ahead. By continuing to improve our execution, we will deliver tremendous value for our customers and shareholders as we reshape the future of public conversation.”
The company said 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, replacing Patrick Pichette who will remain on the Board and continue to serve as chair of the Audit Committee.
Dorsey’s exit from Twitter comes at a time when social media platforms have been accused of spreading misinformation and contravening privacy rules. In August this year, Twitter revealed that it is under investigation by the US Federal Trade Commission (FTC) for potentially misusing users’ personal information to serve ads, adding that it faced fines of $150 million to $250 million.