Jack Dorsey was the first to set up his twtr.
The CEO and co-founder, Twitter, is stepping down more than 15 years later, the company announced Monday.
Dorsey stated that he had decided to quit Twitter “because I believe the company has the potential to move on from its founders.”
The company announced that Parag Agrawal (who has been with Twitter more than a decade now and has served as chief technology officer since 2017) will assume the role of Twitter CEO immediately.
Dorsey stated, “My trust is deep in Parag as Twitter CEO.” His work over the last 10 years has been transformative. His skill, his heart and soul are deeply appreciated by me. He is free to lead.
Dorsey will remain on Twitter’s board of directors until his term expires at 2022 stockholders meeting.
Dorsey tweeted Sunday night the message “I Love Twitter”
Dorsey shared this email with employees and it was also shared on Twitter. He stated that he worked hard to ensure the company could separate from its founders.
Dorsey stated that “there aren’t many businesses that reach this level.” “And it’s rare for founders to choose their company over their ego. “I know this will be the right decision.
From May 2007 to October 2008, Dorsey was the first CEO of Twitter. In July 2015, he returned to Twitter as an interim CEO before becoming the permanent CEO in October 2015.
Stock of Twitter surges in response to news
Twitter stock, which has been consistently underperforming the market, rose more than 10% at Monday’s opening bell.
After the announcement, Twitter shares rose by 5% to $49.47 during morning trading.
A number of big investors were openly skeptical that Dorsey would be able to serve as CEO of two companies.
The company reached an agreement last year with two activist investors. This kept Dorsey in his top position and gave Elliott Management Corp. a seat on its board. Elliott Management Corp. owned approximately 4% of Twitter’s stock and one to Silver Lake.