Confirming rumours first reported this morning by CNBC, Twitter co-founder and CEO Jack Dorsey announced his departure. The company confirmed that CTO Parag Agrawal would succeed him and take a seat on the board, effective immediately, while Bret Taylor is taking over as the board’s new chairman.
Dorsey returned to lead the company as CEO in 2015 despite being forced out of the post in 2008. He continues to serve as the CEO of Square and last night tweeted, “I love Twitter.”
In the company’s official statement, Dorsey says, “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.”
In a letter to employees, Dorsey told them he will serve out his term on the board of directors until “May-ish” when he will also leave that position, and explained his decision as follows:
While Dorsey is well known for his interests in blockchain technology, cryptocurrency, and decentralization, Agrawal is also interested in “web3,” and he has been a leading figure in the Twitter-funded Bluesky effort to create an “open and decentralized standard for social media.”
In his own note to employees ahead of an all-hands meeting tomorrow, Agrawal says, “I joined this company 10 years ago when there were fewer than 1,000 employees. While it was a decade ago, those days feel like yesterday to me. I’ve walked in your shoes, I’ve seen the ups and downs, the challenges and obstacles, the wins and the mistakes. But then and now, above all else, I see Twitter’s incredible impact, our continued progress, and the exciting opportunities ahead of us.”
Update November 29th, 12:40PM ET: Added picture of Parag Agrawal and additional information on Twitter’s use of machine learning and development of decentralized social network technology.