It is the end of an era at Twitter as Jack Dorsey is once again stepping down as the CEO. Dorsey co-founded Twitter along with Noah Glass, Biz Stone, and Evan Williams in 2006. In 2009, he also founded Square and remains the CEO of the company. His dual role as CEO for both companies had also raised concerns among investors who felt he was stretched thin.
I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a press release. “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.”
CNBC first reported the news Monday, citing unnamed sources.
Shares of the social network jumped as much as 10% in early trading following CNBC’s report before retreating. Twitter’s stock has largely underperformed benchmark indexes over the past year.
Dorsey was forced to step down as CEO back in 2008. Author Nick Bilton in his book, ‘Hatching Twitter’, has recounted how Dorsey was not exactly the ideal leader, and more interested in sewing classes and appearing at parties, which did not leave investors and other employees thrilled.
According to this 2013 Wired review of the book, Dorsey appeared to be driven by “ego and lust” and would “leave the office to brood, or to go to art class, while everyone else works on the project”. His poor communication skills also added to the problems, according to the book.
Bret Taylor, Twitter’s incoming Independent Board Chair said, “On behalf of the Board, I want to thank Jack for his visionary leadership and an unrelenting dedication to Twitter since its founding. Jack returned to Twitter and turned the Company around at the most critical time. The progress since then has been nothing short of incredible. Jack has given the world something invaluable and we will continue to carry it forward.”
Taylor noted, “Parag understands Twitter and appreciates the Company’s unique potential. He has been instrumental in tackling our most important priorities, including accelerating our development velocity, and I know he’ll hit the ground running to strengthen execution and deliver results. The Board has the utmost confidence in Parag.”
“I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership,” said Agrawal. “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.”
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