A long-time Twitter CEO Jack Dorsey announced his resignation in a statement on his official Twitter account.
Jack Dorsey, a longtime CEO of the company and one of the four co-founders along with Biz Stone, Evan Williams, and Noah Glass, is stepping down from his important role in the company saying “it’s time for me to leave”.
The 45-year-old software developer and businessman announced his resignation on his official Twitter account that he decided to leave the company and that he was both very sad and very happy for leaving.
After 15 years of a successful career as the CEO of the giant social media network, Dorsey tweeted a message and said “I love Twitter”.
He was serving as both the CEO of Twitter and Square which is his mobile payment company. Square is founded by Jack Dorsey in 2009. Dorsey owns %13 stake in Square while only %2 in Twitter.
Dorsey will be replaced by the current CTO, Parag Agrawal.
Twitter announced that after Dorsey’s resignation, Parag Agrawal, who has been in the company for many years and is the company’s chief technology officer, will work as the new CEO of the company.
Agrawal, who joined the Twitter family as a software engineer in 2011, has been working as a chief technology officer in Twitter since 2017.
Dorsey said that he would stay on the board to help Agrawal in the transition process until his term expires which is in the middle of 2022.
He was under pressure from investors.
Dorsey was challenged with his nose ring, a special regime including yoga and eating one meal a day, and his long beard. This is why, he was criticized by company investors, who felt Dorsey was not enough focusing on his work.
Twitter shares rose!
After the resignation announcement of Jack Dorsey, the stock price of the Twitter on New York Stock Exchange surged by 4.82 percent.
The share price of Twitter was at 47.07 earlier on Monday. After the confirmation of Dorsey’s resign, the share price of mobile payment company Square Inc, another company of which Dorsey is also CEO, was up by 3 percent.