It looks like Jack Dorsey, the CEO of Twitter is stepping down from his position as he officially shared the news on Monday.
According to The Hollywood Reporter, Twitter’s CTO Parag Agrawal will replace Jack, and current board member Bret Taylor will become chairman. However, Jack will remain on the company’s board of directors through his current team until 2022. After that, he is expected to depart from the company completely,
Jack spoke about his departure from the company and said, “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.”
Jack shared the news with his staff in an email with the subject line “Fly,” and said, “He’s been my choice for some time given how deeply he understands the company and its needs. Parag has been behind every critical decision that helped turn this company around.”
THR notes that this is the second time Jack has stepped down from his role as CEO. He first stepped down and took a chairman position back in 2008 and then returned to his role as CEO in 2015.
As many of you know, Jack is also the CEO of the financial service company Square Inc. As previously reported, back in March it was announced that Square purchased a majority stake of Jay-Z’s streaming service Tidal with a mix of cash and stock of $297 million. Along with the deal, Jay-Z became a part of Square’s board of directors.
Check out Jack’s full resignation email below:
not sure anyone has heard but,
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
— jack⚡️ (@jack) November 29, 2021
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TSR STAFF: Jade Ashley @Jade_Ashley94