Twitter CEO Jack Dorsey is stepping down. On Monday, the social network said Parag Agrawal, previously Twitter’s chief technology officer, will take over as CEO effective immediately.
The move, which was earlier reported by CNBC, was reportedly in the works since last year.
In note to employees posted on Twitter on Monday, Dorsey said it was his decision to leave the company.
“I believe it’s really important to give Parag the space he needs to lead,” wrote Dorsey. “And back to my pervious point, I believe it’s critical a company can stand on it own, free of its founders’s influence or direction.”
not sure anyone has heard but,
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
— jack⚡️ (@jack) November 29, 2021
In addition to being the chief executive of Twitter, Dorsey is also the CEO of payments company Square. Dorsey, who co-founded Twitter, has been CEO of the social network since 2015, when he took over following the resignation of Dick Costolo. He also briefly served as Twitter’s first CEO in 2007.
In 2020, Dorsey managed to get through an effort from activist investor Elliott Management to oust him as Twitter CEO. One reason Elliott was reportedly pushing for the takeover was because Dorsey’s time is split between running two public companies.