The billionaire CEO announced in a tweet that he was stepping down to be replaced by Parag Agrawal, who is the company’s technical director. Among other tasks, Agrawal develops standards to control abusive and misleading information.
“I want you all to know that this is my decision and is mine,” Dorsey said, adding that Agrawal “has been my choice for some time, given how deeply he understands the business. and its needs ”.
Dorsey co-founded the microblogging site in 2006 and became CEO the following year. But, two years later, he was kicked out of his role as CEO by two other co-founders, Ev Williams and Fred Wilson, a board member.
After years of stagnant growth and a plummeting price since its IPO in 2013, Dorsey returned as CEO in 2015.
At the time, Dorsey was also CEO of Square, a payment processing company he founded after leaving Twitter. But instead of leaving Square, he made the unusual decision to continue as CEO of both companies. Powerful investors at both companies didn’t like the deal from the start, and in recent months many have started to openly demand that it be ended.
Last year, New York hedge fund Elliott Management Corp. accused Dorsey of ignoring Twitter in favor of Square and asked her to step down. He pushed back the pressure by giving Elliott and his ally, buyout firm Silver Lake Partners, seats on Twitter’s board.
“There aren’t many founders who choose their business over their own egos,” Dorsey said Monday.
“I know we will prove it was the right decision. “