Jack Dorsey will officially step down from his role as Twitter CEO with immediate effect. Dorsey, in a statement on Monday, said he has decided to leave Twitter because he believes the company is ready to move on from its founders.
Dorsey, 45, co-founded Twitter with Evan Williams, Noah Glass, and Biz Stone back in 2006 and served as CEO until 2008. In 2015, Dorsey later returned to the CEO position after former CEO Dick Costolo stepped down. Dorsey has an estimated net worth of about $11.9 billion, according to real-time tracking by Forbes.
“There’s a lot of talk about the importance of a company being ‘founder led’,” Dorsey said in an email to employees shared on Twitter Monday. “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.”
Twitter chief technology officer Parag Agrawal will replace Dorsey as the company’s new CEO. The social media giant’s board has unanimously appointed Agrawal.
However, until his term expires at the 2022 meeting of stockholders, Dorsey will remain a member of Twitter’s board. On Tuesday morning, Twitter will hold an all-hands meeting to discuss and answer employees’ questions about the transition.
