Canada

Jack Dorsey steps down as Twitter CEO, replaced by Parag Agrawal

NEW YORK – Shares of Twitter are surging on a report that co-founder Jack Dorsey will step down as the company’s chief executive.

Parag Agrawal, Twitter’s CTO, will succeed Dorsey as the company’s new CEO, effective immediately.

Twitter’s stock, which has consistently underperformed the market, jumped more than 10 per cent at the opening bell Monday. CNBC first reported that Dorsey may step down soon, citing anonymous sources.

“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,” said Dorsey in a statement.

“He’s been my choice for some time given how deeply he understands the company and its needs. Parag has been behind every critical decision that helped turn this company around.”

Dorsey is also the top executive at Square, a financial payments company that he founded, and some big investors have openly questioned whether he can be effective leading both.

“The world is watching us right now, even more than they ever have before,” Agrawal wrote in his Monday email. “Lots of people are going to have lots of different views and opinions about today’s news. It is because they care about Twitter and our future, and it’s a signal that the work we do here matters.”




Source link

Related Articles

Back to top button