In a surprised announcement, Twitter CEO and Co-founder Jack Doresy early on Monday informed to relenquish his post to chief technology officer (CTO) Parag Agrawal. The move is effective immediately, though Dorsey will stay on the board of the social media company until his term expires in 2022.
Dorsey who lead the microblogging site against the immaculate social media platfoms facebook and Tik Tok wrote his reasons for resignation on his Twitter handle. The message was captioned, “not sure if anyone has heard but, I resigned from Twitter.” “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,” the note read.
Dorsey will continue to serve as the CEO of the payement firm Square.The shares of the microblogging site rose five per cent to $49.47 as the surprise announcement came early monday Morning.
Dorsey faced several distractions as a CEO of Twitter and Founder of Sqaure where critics openly questioned if he could effectively lead both the companies.
Agarwal, the CTO of Twitter is a graduate from IIT Mumbai earned a PhD in Computer Science from Stanford University.Prior to his companionship with Dorsey, Agarwal raced on tracks for Microsoft, Yahoo, and AT&T labs, while at Stanford. Parag was first associated with Twitter in 2017 as a Distinguished Software Engineer. With his elevation as CEO, more than half dozen global tech majors now have Indian-Americans at the helm, including Google’s Sundar Pichai, Microsoft’s Satya Nadella, IBM’s Arving Krishna, and Adobe Shantanu Narayen.
The social media platform attracts ire from all quarters and all comers — from left liberals to right conservatives from celebs to journalists and young striders across the world.