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Main reason why Twitter chief executive Jack Dorsey resigned.
Twitter chief executive Jack Dorsey resigned "I decided to leave Twitter because I believe the company is ready to continue with its founders," said Mr Dorsey.
Mr Dorsey disclosed this in his official post.
"I'm not sure anyone heard, but I deleted it on Twitter,"
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| pic.twitter.com/G5tUkSSxkl - jack⚡️ (@jack) November 29, 2021 "I have decided to leave Twitter because I believe the company is ready to move on to its founders," a statement from the company quoted him as saying. |
Former Twitter chief technology officer Parag Agrawal has been announced as the new CEO and board member.
The company's shares rose 9 percent at market opening Monday morning after CNBC reported that Mr Dorsey, who founded Twitter in 2006, would step down from his role.
Trading on the New York Stock Exchange after the rise, but stocks resumed trading at a profit of more than 4.5 percent before opening, reports Sky news.
Mr Dorsey, 45, will remain chief executive of a pay-per-view company, Square, with a market capitalization of more than $ 98 billion compared to Twitter's $ 38 billion.
Mr Dorsey faced criticism last year when Paul Singer, a Twitter co-founder and founder of Elliott Management, publicly questioned his ability to manage both companies at the same time.
Read Jack Dorsey's full statement posted below
Hello group.
After almost 16 years of contributing to our company ... from its partners to the CEO to the Chairman to the CEO to the interim CEO to the CEO… | I decided it was time to leave.
Why?
There is a lot of talk about the importance of a company being “led by a founder”. In the end I believe that is very limited and one point of failure. I have worked hard to ensure that this company can be separated from its founders and founders.
There are 3 reasons I believe now is the right time.
First Parag becomes our CEO. The Board conducted a rigorous process considering all the options and unanimously appointed Parag. It has been my decision for a long time considering how much he understands the company and its needs. Parag has been behind all the critical decisions that have helped transform the company. Curious, inquisitive, intelligent, creative, demanding, self-aware, and humble. You lead with heart and soul, and you are a daily reader. My trust in him as our CEO is deep.
The second is Bret Taylor who agrees to be our board chairman. | asked Bret to join our board when I became CEO, and be nice in every way. He understands trading, risk-taking, corporate on a large scale, technology, product, and is an engineer.
Everything the board and company deserve right now.
Having Bret in this leadership role gives me a lot of confidence in the power of our board going forward. You have no idea how thrilling this is!
Third to all of you. We have a lot of ambitions and opportunities in this team. Think about it: Parag started here as an engineer who took a deep interest in our work and is now our CEO (and I have had the same approach ... do it better!). This alone can make me proud. | know that Parag will be able to transfer this energy better because he is alive and knows what is needed. You all have the power to change the course of this company for the better. | believe this with all my heart!
TEXEM
Parag is the CEO starting today.
I will be working on the board in my time (May ish) to help Parag and Bret with change. And after that ... I'll leave the board. Why not sit or be in a chair? I believe it is really important to give Parag the space he needs to lead us. And going back to my previous point, I believe it is important for a company to be independent, without the influence of its founder or direction.
I want you all to know that this was my decision and mine. It was hard for me, of course.
I love this service and the company ... and you all very much. I'm really sad ... but I'm very happy. Not many companies reach this level. And not many inventors choose their company over their ego. I know we will prove that this was the right move.
We will have a hands-on meeting tomorrow at 9:05 AM Pacific to discuss everything. In the meantime, thank you all for the trust you have placed in me, and for the openness of building that trust in Parag. I love you all.
