Jack Dorsey steps down as Twitter CEO, Parag Agrawal named as successor

Asia's Tech News Daily

It all started with Jack Dorsey “just setting up my twttr.”

More than 15 years after that first tweet, the CEO and co-founder of social media giant Twitter is stepping down, the company confirmed on Monday.

“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” said Dorsey in a statement.

Twitter’s stock, which has consistently underperformed the market, jumped more than 10% at the opening bell Monday.

Parag Agrawal, who has been with Twitter for more than a decade and has served has chief technology officer since 2017, will take over as Twitter CEO effective immediately, the company said.

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“My trust in Parag as Twitter’s CEO is deep,” said Dorsey. “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.”

Dorsey will stay on Twitter’s board until his term expires at the company’s 2022 stockholders meeting.

On Sunday night, Dorsey sent out a tweet with the message “I love Twitter.”

Dorsey also serves as CEO of payments service Square, taking the mantle of both tech companies since 2015.

Dorsey, who helped co-found the company, was Twitter’s first CEO from May 2007 to Oct. 2008. He returned on an interim basis in July 2015 before taking over as permanent CEO as of Oct. 2015.

This story is developing.

The Associated Press contributed to this report. Follow Brett Molina on Twitter: @brettmolina23.

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