Jack Patrick Dorsey, the co-founder of social media networking site Twitter, is stepping down as chief executive of the company.
He announced his resignation on Monday, November 29, 2021, after 16 years of co-founding the social media company.
Jack will be replaced by the current chief technical officer, Parag Agrawal, Twitter said.
Mr Dorsey, who co-founded Twitter in 2006, has been serving as CEO of both Twitter and payment firm Square.
“I resigned from Twitter,” he wrote and posted a screenshot of his resignation letter sent to Twitter.
Read Dorsey’s full resignation letter:
Hello team.
After almost 16 years of having a role at our company…..from co-founder to CEO to Chair to Exec Chair to interim-CEO to CEO…I decided it’s finally time for me to leave. Why?
There’s a lot of talk about the importance of a company being ‘founder-led.’ Ultimately I believe that’s severely limiting and a single point of failure. I’ve worked hard to ensure this company can break away from its founding and founders. There are 3 reasons I believe now is the right time.
The first is Parag becoming our CEO. The board ran a rigorous process considering all options and unanimously appointed Parag. He’s been my choice for some time given how deeply he understands the company and its needs. Parag has been behind every critical decision that helped turn this company around. He’s curious, probing, rational, creative, demanding, self-aware, and humble. He leads with heart and soul, and is someone I learn from daily. My trust in him as our CEO is bone-deep.
The second is Bret Taylor agreeing to become our board chair, I asked Bret to join our board when I became CEO, and he’s been excellent in every way. He understands entrepreneurship, taking risks, companies at massive scale, technology, product, and he’s an engineer. All of the things the board and the company deserve right now. Having Bret in this leadership role gives me a lot of confidence in the strength of our board going forward. You have no idea how happy this makes me!
