Jack Dorsey resigns as CEO of Twiiter! Here is who will replace him
Twitter CEO Jack Dorsey has decided to step down as head of the social media company Twiiter. He will be replaced by Parag Agrawal, the company's chief technology officer.
Twitter shares rose about 2% after this news.
Dorsey, 45, will remain a member of the Board until his term at the 2022 shareholders' meeting expires, the company said. Bret Taylor will become Chairman of the Board.
"I have decided to leave Twitter because I believe the company is ready to leave its founders," Dorsey said in a statement, although he did not provide further details on why he decided to resign.
The company said earlier this year that it aims to have 315 million daily active users by the end of 2023 and at least double its annual revenue that year.
Agrawal, who has served as chief technology officer since 2017, has been with Twitter for more than a decade. He had been responsible for the strategy involving artificial intelligence and machine learning.