On Monday, social media platform Twitter announced that company founder and CEO Jack Dorsey plans to step down from his leadership role, effective immediately.
Dorsey will remain a member of the Twitter’s Board of Directors until the end of his current term, which expires in 2022.
In Dorsey’s place, the board unanimously appointed the company’s Chief Technology Officer, Parag Agrawal, as CEO and a member of the Board, effective immediately.
Agrawal has been with Twitter for more than a decade and has served as CTO since 2017. He was also previously named as Twitter’s first Distinguished Engineer for his contributions to the company’s revenue and consumer engineering, including his impact on audience growth in 2016 and 2017.
“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 in a press statement.
Twitter also named Bret Taylor as the company’s chairman of the board, succeeding Patrick Pichette who will remain on the Board and continue to serve as chair of the Audit Committee.