It all started with Jack Dorsey “just setting up my twttr”.
More than 15 years after that first tweet, the CEO and co-founder of social media giant Twitter is stepping down, the company confirmed on Monday.
“I have decided to quit Twitter because I think the company is ready to leave its founders,” Dorsey said in a statement.
Parag Agrawal, who has worked for Twitter for more than a decade and has served as chief technology officer since 2017, will immediately take over as CEO of Twitter, the company said.
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“My confidence in Parag as CEO of Twitter runs deep,” Dorsey said. “His work over the past 10 years has been transformational. I am deeply grateful for his skills, his heart and his soul.
Dorsey will remain on Twitter’s board until her term expires at the company’s shareholders meeting in 2022.
On Sunday evening, Dorsey sent a tweet with the message “I like Twitter”.
In an email sent to employees and shared on Twitter, Dorsey said he worked hard to ensure the company can part ways with its founders.
“There aren’t a lot of companies that reach this level,” Dorsey wrote. “And there aren’t many founders who choose their business over their own egos. I know we’ll prove that was the right decision.”
Dorsey is also CEO of the Square payments service, taking over from the two tech companies since 2015.
Dorsey, who helped co-found the company, was Twitter’s first CEO from May 2007 to October 2008. He returned on an interim basis in July 2015 before becoming a permanent CEO in October 2015.
Twitter action leaps into the news
Twitter action, which has consistently underperformed the market, jumped more than 10% at the opening bell Monday.
Twitter shares rose 5% to $ 49.47 in morning trading after the announcement.
Some big investors had openly questioned whether Dorsey could be effective as CEO of two companies.
Last year, the company struck a deal with two such activist investors who kept Dorsey at the top and gave a board seat to Elliott Management Corp., which held around 4% of Twitter’s shares, and another in Silver Lake. .
Parag Agrawal named new CEO of Twitter
Agrawal joined Twitter as an engineer in 2011. He was named the company’s first Distinguished Engineer for his impact on renewing audience growth in 2016 and 2017, Twitter said in its statement. In 2017, Agrawal was appointed Chief Technology Officer.
In an email to employees, Agrawal said he was “honored and humbled” to become Twitter’s next CEO.
“I have walked in your shoes, I have seen the ups and downs, the challenges and the obstacles, the victories and the mistakes,” Agrawal wrote. “But then and now, above all else, I see the incredible impact of Twitter, our continued progress and the exciting opportunities that lie ahead.”
The Associated Press contributed to this report. Follow Brett Molina on Twitter: @ brettmolina23.