Twitter’s CEO and co-founder, Jack Dorsey, is stepping down. The position will be taken over by the company’s Chief Technology Officer, Parag Agrawal. According to a statement released by Twitter on Monday, Jack will remain on the board of Twitter until his term expires in 2022.
Twitter New CEO: Highlights
- Jack Dorsey decides to step down as Twitter CEO.
- Indian Origin Parag Agrawal has been appointed as Twitter’s new CEO.
- Parag Agrawal has been working at Twitter since 2011.
- Parag has been Chief Technical Officer (CTO) at Twitter since 2017.
- Jack will continue to remain on the board of Twitter until his term expires in 2022.
- Bret Taylor has been appointed as independent chairperson of the board.
Parag Agrawal Becomes the New CEO at Twitter Inc.
“I believe that the company is ready to transition away from its founders which is why I have decided to quit”, said Jack. “His job over the past ten years has been transformative. I’m grateful for his heart, talent, and soul. It’s his shift to carry the harnesses.”
About Jack Dorsey
Jack Dorsey who is 45 years old, is also the CEO of payments company Square Inc. Dorsey left Twitter as CEO in 2008 but returned in 2015. Dorsey faced questions about how he spent his time in 2020 from activist investor Elliott Management Corp. He had also begun a year earlier than planned to spend up to six months of the year in Africa to better understand the continent’s internet users, a plan that was eventually abandoned due to Covid 19.
The hedge fund agreed to appoint three new directors to Twitter’s board of directors and to form a committee to review the company’s leadership and governance with Twitter and private equity firm Silver Lake. Agrawal, who was named chief technology officer in 2017, will join the board of directors.
The New CEO: Parag Agrawal
Parag Agrawal joined Twitter in 2011 and has been working as its Chief Technology Officer since October 2017. As CTO, he has been in charge of the company’s technical strategy, leading efforts to increase development velocity while also advancing the state of Machine Learning throughout the organization.
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Before being named CTO, Parag rose to the position of Twitter’s first Distinguished Engineer for his work in revenue and consumer engineering, including his contribution to the re-acceleration of audience growth in 2016 and 2017. Parag holds a Bachelor’s Degree in Computer Science and Engineering from the Indian Institute of Technology, Bombay, and a Ph.D. in Computer Science from Stanford University.
Twitter’s Financial Outlook
The Company’s previously shared outlook for the fourth quarter and full-year 2021, as well as its 2023 goals, remain unchanged. On the 7th of December, Twitter will attend the Barclays Global Media, Technology and Telecommunications Conference. Parag will participate in the previously announced virtual fireside chat with CFO Ned Segal. Twitter’s Investor Relations website, investor.twitterinc.com, will host a live webcast and replay.
Board Member Updates at Twitter
In addition to Parag’s appointment, the Company announced another change in the Board. Bret Taylor, who has been a member of the Twitter Board of Directors since 2016, has been nominated as Independent Chair of the Board of Directors. Bret succeeds Patrick Pichette, who will proceed to serve as the chair of the Audit Committee and on the Board as well. Taylor is the President and Chief Operating Officer of Salesforce, and has extensive experience in the technology sector, overseeing strategy and technology development.
“Dorsey retreated back and swerved it around at the most crucial time. The improvement since then has been nothing short of extraordinary. Jack has given the world something precious and we will proceed to carry it forward.”said Taylor
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