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Twitter co-founder Jack Dorsey has announced that he has resigned from the company. This means that not only is he stepping down as the company’s CEO, but he’s moving away from Twitter completely.
Dorsey made the announcement on 29 November, sharing an email outlining his resignation, his replacement, and future plans, on his Twitter account.
He said he shared the email for transparency.
Jack Dorsey’s reasons for leaving Twitter
So why did Dorsey decide to leave the company?
The co-founder said he believes that a company remaining founder-led over time limits it and is a point of failure. As such, he said he wants to step away to allow the newly elected CEO and leadership to be able to work without being influenced.
“There’s a lot of talk about the importance of a company being ‘founder-led’,” Dorsey said in his email. “Ultimately I believe that’s severely limiting and a single point of failure.”
“I’ve worked hard to ensure this company can break away from its founding and founders.”
Later on in his email he added: “There aren’t many companies that get to this level. And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.”
Who will replace Dorsey as Twitter CEO?
not sure anyone has heard but,
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
— jack⚡️ (@jack) November 29, 2021
The new Twitter CEO, starting from 29 November, is Parag Agrawal. Agrawal started at the company as an engineer in 2011 and became the company’s Chief Technology Officer in 2017.
According to Dorsey’s email, Agrawal was unanimously selected to be the new CEO by the Twitter board.
Dorsey will serve the rest of his term on the Twitter board, which ends around May. After that, he will leave the board. Bret Taylor has been named the new board chair.
Feature image: Joshua Hoehne/Unsplash