“The company is ready to leave its founders”

Jack Dorsey

Thaddaeus McAdams / Shutterstock

Jack Dorsey is leaving the top post on Twitter, he said on Monday.

“I decided to quit Twitter because I think the company is ready to leave its founders,” Dorsey, 45, said in the press release from the social media giant announcing the move.

Twitter said its board unanimously chose Parag Agrawal, chief technology officer, to take over as CEO and board member, effective immediately. Dorsey, meanwhile, will remain on the board until the end of his term at the 2022 shareholders’ meeting.

“My confidence in Parag as CEO of Twitter runs deep,” Dorsey said. “His work over the past 10 years has been transformational. I am deeply grateful for his skills, his heart and his soul.

“I would like to thank the Board of Directors for their confidence in my leadership and Jack for his continued mentorship, support and partnership,” Agrawal said in a statement. “I look forward to building on all that we have accomplished under Jack’s leadership and am incredibly energized with the opportunities ahead. By continuing to improve our execution, we will deliver tremendous value to our clients and shareholders as we reshape the future of public conversation. “

Dorsey’s departure was first reported by CNBC, who cited sources who spoke with Squawk in the street co-host David Faber.

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Jack Dorsey

Jack Dorsey

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Dorsey co-founded Twitter in 2006 with Ev Williams, Biz Stone and Noah Glass and served as CEO until 2008. In 2009, he co-founded mobile payments company Square, Inc. with Jim McKelvey, and made the platform public in 2015.

Also in 2015, Dorsey returned to Twitter as CEO. Since then, he has been running the platform.

“On behalf of the Board of Directors, I would like to thank Jack for his visionary leadership and unwavering dedication to Twitter since its inception,” said Bret Taylor, new independent chairman of the Twitter board. “Jack returned to Twitter and turned the company around at the most critical moment. The progress since then has been nothing short of amazing. Jack has given the world something invaluable and we will continue to move him forward.”

Forbes estimates Dorsey to be worth $ 11.7 billion.

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In April 2020, one month after the Coronavirus pandemic started, the entrepreneur took Twitter to pledge $ 1 billion of its Square equity to COVID-19 relief.