December 2, 2022

Jack Dorsey, who co-founded social media massive Twitter in 2006, is stepping down as CEO, he stated Monday.

Dorsey, 45, will stay on Twitter’s board of administrators till subsequent Might, consistent with an e-mail to group of workers that Dorsey tweeted. Twitter’s leader era officer, Parag Agrawal, will change Dorsey as CEO efficient instantly, the corporate stated.

The announcement comes a yr after an activist investor reportedly sought to interchange Dorsey as CEO. Then again, the co-founder stated the resolution to step down “used to be my resolution and I personal it.”

“I made up our minds it is in the end time for me to depart,” Dorsey stated within the group of workers e-mail. “I am actually unhappy…but actually satisfied.”

He did not talk about what lies forward for his profession.

“I consider the corporate is in a position to transport on from its founders,” Dorsey stated in a press unlock. “My agree with in Parag as Twitter’s CEO is deep. His paintings over the last 10 years has been transformational.”

Dorsey famous that the view that businesses will have to proceed to be led by way of their founders is “critically proscribing.” However his departure additionally comes greater than a yr after activist investor Elliott Control Corp. reportedly sought to herald new management.

Dorsey additionally serves as the highest govt at Sq., a monetary bills corporate that he based, prompting some giant buyers to query his effectiveness at main each companies.

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2nd time round

Dorsey’s departure spells the tip of his 2nd tenure as CEO on the social-media carrier. He served as leader govt between 2006 and 2008, and started his 2nd stint main the corporate in 2015. 

His time as CEO used to be marked by way of a number of headline selections, together with completely banning former President Donald Trump. Dorsey defended the transfer, announcing Trump’s tweets after the January 6 Capitol rebel ended in a possibility to public protection and created an “odd and untenable circumstance” for the corporate. Trump sued Twitter, together with Fb and YouTube, alleging censorship; the lawsuit is ongoing.

Early within the pandemic, Dorsey additionally made the decision to permit all Twitter staff to completely do business from home.

Dorsey is leaving in the back of a combined legacy. Below his management, Twitter changed into “a platform that is helpful and potent for speedy communique however one that is been exploited by way of a spread of unhealthy actors together with former President Donald Trump,” Paul Barrett, the deputy director of NYU’s Stern Heart for Trade and Human Rights, informed the Related Press.

Twitter, which Dorsey, Evan Williams and Christopher “Biz” Stone co-founded in 2006, used to be first of all some way for folks to ship updates to a small workforce the use of textual content messages. The primary tweet despatched by way of Dorsey on March 21, 2006, learn “simply putting in my twttr.”

The San Francisco corporate went thru a length of strong expansion all the way through its early years, however as its growth slowed, Twitter started tweaking its layout in a bid to make it more straightforward and extra attractive to make use of.

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Agrawal started his Twitter profession as an engineer, then labored his strategy to the C-suite, changing into CTO in 2017. Because the era leader, Agrawal has performed a job in “each essential resolution that helped flip this corporate round,” Dorsey stated. 

Bret Taylor, a member of Twitter’s board since 2016, used to be additionally named chairman.

Stocks of Twitter surged Monday after Dorsey’s departure used to be introduced. Twitter’s inventory, which has persistently underperformed the marketplace, jumped greater than 10% in early buying and selling, however reversed itself by way of noon.

Twitter has greater than 5,500 staff and a marketplace cap of about $39 billion. Prior to now decade, Twitter has been one of the most most sensible used social media platforms around the globe, in the back of Fb, Instagram and TikTok. 

The Related Press contributed to this record.