In a news that would surprise many, the microblogging site Twitter’s CEO Jack Dorsey has stepped down from his position, the company announced on Monday. Following the resignation, Twitter’s CTO Parag Agrawal has replaced Dorsey as the next chief.
The American businessman was one of the founding members of Twitter and he has served as the CEO from 2006 to 2010 and then from 2016 to 2021.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead,” he said.
However, Dorsey isn’t walking out of the company right away. He’d be on the Board of Directors until his term ends in 2022, after which the company will become “free of its founder’s influence or direction.”
3 Reasons Why
Dorsey mentioned the reasons behind his resignation in an internal email which explains that the decision was well thought of. According to him, a company being “founder-led” has its cons which could be “severely limiting and a single point of failure.” Over the years, has tried to ensure that Twitter “can break away from his found and founders.”
He said there are three reasons why it’s the right time to leave. The first two are the appointment of Parag Agrawal as the new CEO and Bret Taylor as the new Chairman, both being non-founders. The third reason is the team which he thinks has a lot of potential and ambition.
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While Dorsey is making his point, many big tech companies, including Google, Microsoft, and Apple are now run by non-founding members. However, Facebook is an exception in the case where Mark Zuckerberg is still in charge of the company. Amazon’s founder Jeff Bezos also stepped down as the CEO this year, but he’s still taking charge as the Chairman.