Jack Dorsey appeared to have finally buckled under the pressure of an investor onslaught regarding Twitter’s financial performance, revealing he stepped down from his role as the social media company’s CEO effective immediately.
In a Tweet, Dorsey (pictured) explained he believes it is important Twitter stand on its own and be free of the influence of one of its co-founders.
not sure anyone has heard but,
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
— jack⚡️ (@jack) November 29, 2021
Dorsey maintained his departure was entirely his decision, “and a tough one”.
Twitter named CTO Parag Agrawal as Dorsey’s replacement, with the new CEO also becoming a board member.
Dorsey will keep his board position until his term expires in 2022.
Another change will see board member and president and COO of software company Salesforce Bret Taylor becoming Twitter’s chair.
Dorsey first became CEO in 2007, with co-founder Evan Williams appointed chair.
The pair switched roles in 2008 before Dorsey retook the CEO post in 2015 alongside duties as chief of fintech company Square.
Dorsey was dogged by criticism for leading the two companies, with activist investor Elliott Management pushing for his removal as Twitter chief in 2020.
The investment company reached an agreement with Twitter shortly after under which Dorsey was kept on and Elliott Management took a seat on the board.