The co-founder and and public face of Twitter, Jack Dorsey has officially resigned from his position as the Chief Executive Officer (CEO) of microblogging company.
Jack Dorsey in a statement announced that his resignation takes effect immediately on Monday, November 29, 2021.
However, Dorsey will still remain as part of the board of Twitter until next year.
Meanwhile, he will be replaced by the current chief technical officer, Parag Agrawal, Twitter said.
Mr Dorsey, who co-founded Twitter in 2006, has been serving as chief executive of both Twitter and payment firm Square.
“It’s finally time for me to leave” he wrote in a statement, saying the company was “ready to move on.”
Mr Dorsey said he had “deep” trust in his replacement. “I’m deeply grateful for his skill, heart, and soul. It’s his time to lead,” he said.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement Monday.
“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.”
In an internal note, shared on his Twitter account, Dorsey said: “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.”
Mr Agrawal joined Twitter in 2011, and has been the firm’s head of technology since 2017.
The departure comes six years after Jack Dorsey returned to the executive role to help turn around the social network business.
During Dorsey’s tenure, Twitter achieved profitability, posted its first billion-dollar quarter and began testing and releasing a wide range of features to draw in users. But Twitter, like its peers, has also had to confront the challenge of content moderation as well as growing scrutiny from lawmakers and the public.
Meanwhile, Shares of Twitter jumped as much as 10% in pre-market trading Monday after the report, before giving up some of those gains.