Dorsey Leaves Twitter
Jack Dorsey buckled under the pressure of an investor onslaught regarding Twitter’s financial performance. CEO revealed on Twitter he has stepped down from his role immediately. In a Tweet, Dorsey explained he believes it is important Twitter stands on its own and be free of the influence of one of its co-founders.
Twitter named CTO Parag Agrawal as Dorsey’s replacement, with the new CEO also becoming a board member. Dorsey will keep his board position until his term expires in 2022. Another change will see board member and president and COO of software company Salesforce Bret Taylor becoming Twitter’s chair.
Dorsey first became CEO in 2007, with co-founder Evan Williams appointed chair. The pair switched roles in 2008 before Dorsey retook the CEO post in 2015 alongside duties as chief of fintech company Square. Dorsey was dogged by criticism for leading the two companies, with activist investor Elliott Management pushing for his removal as Twitter chief in 2020. The investment company reached an agreement with Twitter shortly after under which Dorsey was kept on and Elliott Management took a seat on the board.