Twitter co-founder and CEO Jack Dorsey has resigned from the firm after a 16-year run. He was replaced by Parag Agrawal, the former CTO. The change is effective immediately.
“Not sure anyone has heard but, I resigned from Twitter,” Mr. Dorsey tweeted yesterday. “My one wish is for Twitter to be the most transparent company in the world,” he added in his official resignation letter.
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As for the “why” of this change, Mr. Dorsey cited the problems with a tech company being “founder-led,” which he calls a “single point of failure.” But he feels that now is the right time for three reasons: his “bone deep” (ugh) trust in Mr. Agrawal, the ascendancy of Bret Taylor to Twitter’s board of directors, and the “ambition and potential” of the Twitter team. Right, he literally doesn’t explain why.
Twitter has been criticized by investors for not growing its userbase or revenues as successfully as bigger competitors like Facebook. And since Mr. Dorsey is so closely aligned with the Twitter brand, I assume part of the plan is to grow the company more now that he’s gone.
Mr. Dorsey will stay on Twitter’s board until May, at which point he will step down and “give Parag the space he needs to lead.”