Twitter co-founder Jack Dorsey announced on Monday that he was stepping down as CEO of the social media network, more than a year after surviving an attempt to oust him by an activist investor.
Dorsey, who is also chief executive of payments firm Square, came under pressure from Elliott Management in 2020 over concerns that he had spread too thinly in running the two companies.
“I have decided to quit Twitter because I think the company is ready to leave its founders,” Dorsey said in a statement.
The company said Twitter chief technical officer Parag Agrawal will replace Dorsey in the top position.
“My confidence in Parag as CEO of Twitter runs deep… It’s his time to lead,” Dorsey said.
Dorsey will remain a member of the board of directors until his term expires at the 2022 shareholders’ meeting.
– Eviction avoided –
In March 2020, Twitter struck a deal with key investors to end an effort to oust the chief, creating a new committee within the board to keep tabs on the company’s management.
Like many Silicon Valley celebrities, from Mark Zuckerberg and Steve Jobs to Bill Gates or Michael Dell, Dorsey dropped out of school, never having graduated from any of the universities he attended, one in his Native Missouri and the other in New York.
Dorsey is credited with coming up with the idea for Twitter when eventual co-founder Evan Williams gave employees at blogging startup Odeo two weeks to work on fun new projects to break up the daily grind.
He ran Twitter in 2007-2008 but returned as CEO after Dick Costolo resigned in June 2015.
Dorsey was pushed out of the chef’s chair the first time around, and at the time he was said to be a better engineer than the boss, known to leave early for personal activities such as tailoring or yoga lessons. .
Twitter’s new CEO, Agrawal, joined the company in 2011 and has served as CTO since October 2017, where he was responsible for the technical strategy of the network.
Agrawal holds a doctorate. in computer science from Stanford University and a bachelor’s degree in computer science and engineering from the Indian Institute of Technology, Bombay.
The Nasdaq briefly suspended Twitter trading on Monday, citing “pending news,” but the share rose 4.5% after the announcement.