Twitter co-founder Jack Dorsey steps down as CEO

Effective immediately. Twitter CEO Jack Dorsey has resigned from the company and CTO Parag Agrawal has replaced him as the new CEO.

“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement. “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.” Dorsey plans to remain on Twitter’s board for the next six months or so to help with the transition before fully departing the company.

Dorsey told Twitter staff in an email (which he tweeted). “I want you all to know that this was my decision and I own it,” It was a tough one for me, of course. I love this service and company, and all of you so much. I’m really sad, yet really happy. There aren’t many companies that get to this level. And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.”

Agrawal said, “I want to thank the board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership, I look forward to building on everything we have accomplished under Jack’s leadership and I am incredibly energized by the opportunities ahead. By continuing to improve our execution, we will deliver tremendous value for our customers and shareholders as we reshape the future of public conversation.”

Recently, Twitter launched Twitter Blue, a $3/month service for power users that adds features such as an undo button, bookmark folders, and a way to make threads more readable.

Agrawal has also joined Twitter’s board of directors in addition to his appointment as CEO. In addition, Salesforce president and CEO Bret Taylor has been named the independent chair of the board, succeeding Patrick Pichette, who remains on the board.

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