Twitter's Jack Dorsey is being replaced as CEO by Parag Agrawal

Alejandro Betancourt

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Twitter, Inc. (NYSE: TWTR) today announced that Jack Dorsey has decided to step down as CEO and that the Board of Directors has unanimously elected Parag Agrawal as CEO and a member of the Board, effective immediately. Since 2017, Agrawal has served as Twitter's Chief Technology Officer. He has worked for the site for nearly a decade.

"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.

Until his term expires at the 2022 stockholders' meeting, Dorsey will continue to serve on the Board. The new Chairman of the Board, replacing Patrick Pichette, is Bret Taylor, who will also continue to chair the Audit Committee after becoming Chairman.

"On behalf of the Board, I'd like to thank Jack for his incredible leadership and unwavering commitment to Twitter since its inception," said Bret Taylor, Twitter's incoming Independent Board Chair. "Jack came back to Twitter at the most challenging period and turned the company around. The progress since then has been nothing short of incredible. Jack has given the world something invaluable and we will continue to carry it forward."

Mr. Agrawal will be required to reach Twitter's stringent internal targets. The firm stated in May that it wants to reach 315 million monetizable daily active users by the end of 2023 and at least double its annual revenue in that year.

Dorsey is being pushed out this year following Elliott Management's unsuccessful attempt to replace him as Twitter's chair last year.

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