Twitter co-founder Jack Dorsey has stepped down as CEO of the company after chief technology officer Parag Agrawal was appointed by the board to replace him.
Dorsey will remain a member of the Board until his term expires at the 2022 meeting of stockholders, the company announced this afternoon.
Agrawal has been with Twitter for more than a decade and has served as CTO since 2017.
Dorsey, 45, had been both CEO of Twitter and Square, the payments business.
He said: “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. 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.”
Twitter’s stock jumped more than 10% at the opening bell on the New York Stock Exchange today amid reports that Dorsey was about to leave.
Dorsey faced being ousted last year when Elliott Management, an activist investment group with a large holding in Twitter, sought to replace him.
Elliott Management founder Paul Singer has questioned whether Dorsey should run two public companies at the same time.
However, the investment company reached a deal with Twitter’s management.
Dorsey, who cofounded the social media giant, served as CEO until 2008. He returned to Twitter as boss in 2015 after former CEO Dick Costolo stepped down.
Agrawal said: “I look forward to building on everything we have accomplished under Jack’s leadership and I am incredibly energised 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.”
