Jack Dorsey Is Stepping Down As CEO Of Twitter
All the big tech CEO’s are stepping down!
NBC news reported early this morning revealed that Twitter CEO Jack Dorsey is stepping down as chief of the popular social media company, effective immediately. His replacement will be Parag Agrawal, the company’s chief technology officer.
Ironically, following the news, Twitter shares were up around 4.5%!
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement, while not explaining the exact reason he resigned.
RELATED: Twitter CEO Jack Dorsey Is Auctioning Off His Very First Tweet — Highest Bid Is $2.5M
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement released by Twitter. “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.”
“There’s a lot of talk about the importance of a company being ‘founder-led,'” Dorsey added. “Ultimately I believe that’s severely limiting and a single point of failure.”
“And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.”