Jack Dorsey will step down from his chief executive position at Twitter.
Twitter announced the transition on Monday and confirmed that Parag Agrawal, the social media platform’s current chief technology officer, will take over the CEO role.
Dorsey made a statement addressing his decision to leave the social media company: “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.”
Although Dorsey will still remain a member of Twitter’s board of investors until his term expires in 2022, he will step down effective immediately from the CEO position.
He also posted an internal memo to his Twitter account late Monday morning confirming his resignation and expanding his thoughts about it.
Following the news reports that Dorsey would step down, Twitter’s share price went up by 11%.
Brett Taylor, chairman of Twitter’s board of investors said that Parag understands Twitter and appreciates the Company’s unique potential.
“He has been instrumental in tackling our most important priorities, including accelerating our development velocity, and I know he’ll hit the ground running to strengthen execution and deliver results. The Board has the utmost confidence in Parag,” Taylor said in a press release.
However, Parag is already under scrutiny for race-based messages he posted in the past.