Jack Dorsey Steps Down as Twitter CEO Amid Criticism

Twitter CEO Jack Dorsey stepped down on Monday and was replaced by Parag Agrawal, the company’s chief technology officer, CNBC reports.

Dorsey, who was fired by the company’s board as CEO in 2008 before returning in 2015, will remain on the company’s board until his term expires in 2022.

Dorsey will remain the CEO of Square, the payment processing company he founded.

“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement.

Dorsey said that it is “severely limiting” and a “single point of failure” to run a “founder-led” company. He said he decided to quit now because he believes in the leadership of Agrawal and Bret Taylor, the president of Salesforce who will become chairman of the company’s board.

“There aren’t many founders that choose their company over their own ego,” he said. “I know we’ll prove this was the right move.”

Move comes amid criticism:

Dorsey’s exit from the company he co-founded in 2006 comes amid growing criticism of the platform.

Former President Donald Trump has groused that he was banned from the social network and conservatives have long accused the company of censoring them without evidence.

The company has also faced criticism from the left for not doing enough to combat disinformation.

Internally, Dorsey also faced criticism from employees and investors who believed he spent too much time on Square and other pet projects.

Dorsey’s departure comes just over a year after activist investor Elliott Management sought to oust him from the role over concerns that he was split between two companies.

Who is Parag Agrawal?

Agrawal has served as the company’s technology chief since 2017 and has worked at the social network for over a decade.

He has led the company’s strategy on AI and machine learning and projects to make user timelines more relevant.

Agrawal worked as a research intern at AT&T, Microsoft, and Yahoo before joining the company.

“The board ran a rigorous process considering all options and unanimously appointed Parag,” Dorsey said. “He’s been my choice for some time given how deeply he understands the company and its needs. Parag has been behind every critical decision that helped turn this company around.”

 

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