After six years as CEO and 16 years with the firm, Jack Dorsey has decided to step down from his position.
He believes that it is past time for the firm to move on from its early years. Dorsey co-founded Twitter with others, including Evan Williams, who replaced him as the company's founder and CEO in 2008, among others.
Parag Agrawal takes over as Dorsey's replacement this time. He is a relatively obscure figure outside of the organization. However, he has been with the company for ten years and has served as the company's chief technology officer for the last many years.
According to Dorsey, it's the last time the firm goes forward without its founders' involvement. In his own words, he expresses enormous confidence in his successor.
Dorsey isn't your typical Silicon Valley CEO in the traditional sense. That's just because he consolidated two jobs.
He has been the CEO of Twitter and the payment provider Square in recent years. This dual job resulted in a dispute with activist investor Elliott Management at the beginning of last year, who believed Dorsey should step down due to his dual position.
Twitter was not always a simple platform to navigate under his leadership. Dorsey assumed the role of CEO in October 2015. Even though he had significant obstacles to overcome: the medium needed to regain its appeal to the general public. During the following year, there were speculations that the firm was about to go out of business.
Disney, the media conglomerate, was on the verge of being acquired, but CEO Bob Iger eventually opted against it.
As part of his efforts to facilitate a smooth transition at Twitter, Dorsey will most likely devote more time to Square, the payment business he founded and funded. In any case, as he said yesterday, he continues to like Twitter.