Twitter co-founder Jack Dorsey steps down as the CEO of the company.
Dorsey, who was the social platform’s first CEO in 2007 until he was forced out the following year, then returned to the role in 2015, is once again out of the job — this time, he says, by choice.
It’s the end of six tumultuous years at the social platform, during which Twitter has been plagued with slow growth, weathered an investor revolt, grappled with accusations of failure to deal with problems of hate speech, harassment and other harmful activity and finally took the extraordinary step of banning a sitting U.S. president for creating a danger to public safety during the Jan. 6 insurrection at the U.S. Capitol, Associated Press reported.
In a letter posted on his Twitter account, Dorsey said he was “really sad…yet really happy” about leaving the company and that it was his decision.
However Dorsey offered no specific reasons for his resignation beyond an abstract argument that Twitter, where he’s spent 16 years in various roles, should “break away from its founding and founders.” Dependence on company founders, he wrote, is “severely limiting.”
Twitter named its current chief technology officer, Parag Agrawal, as CEO effective Monday. Dorsey will remain on the board until his term expires in 2022. Agrawal joined Twitter in 2011 and has been CTO since 2017. By mid-afternoon, Twitter shares were down almost 2% at $46.38.
By the look of things Jack will continue as the CEO of Square, the payments and financial services.
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