Jack Dorsey, the co-founder of Twitter, is stepping down as CEO of the social media company after six years. Parag Agrawal, the company’s former CTO, to take over the role effective immediately.
In his resignation letter, posted on Twitter, Dorsey said he wants the company to break away from the vision and control of its co-founders, calling founder-led companies “severely limiting.” Dorsey was the first CEO of Twitter from 2006 to 2008 and returned in 2015 after a period away from the day-to-day management of the company. Since he returned, Dorsey has had to answer to questions about his commitment to Twitter, since he also serves as the CEO of Square, a financial services company he founded in 2009.
Last year, Dorsey faced a serious challenge from activist investor Jesse Cohn of Elliott Management, which acquired a chunk of the company and attempted to force Dorsey out. (After a drawn-out battle, Cohn was ultimately unsuccessful and stepped down from Twitter’s board in April 2021.)
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