Jack Dorsey steps down as founding CEO at Twitter after 16 years, and Parag steps up

Jack will now extensively focus on Square a payment platform for the next few years, while still retaining his position as the Twitter founder/co-owner.

Jack Dorsey, Twitter CEO and co-founder  will step down as the Tech company’s chief executive. Parag Agrawal, Twitter’s CTO, will succeed Dorsey as the company’s new CEO, effective immediately.

Jack made the announcement on Monday, with the company’s board unapproving of Agrawal as Dorsey’s replacement. Dorsey will remain on Twitter’s board of directors through his current term, which runs into 2022. Once his term ends, Dorsey told staff in an email (with the subject line “Fly”) that he will leave the company entirely. Current board member Bret Taylor will become the company’s chairman.

Jack 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,”