Twitter CEO Jack Dorsey Steps Down, to be Replaced by CTO Parag Agrawal

By Yehudit Garmaise

Twitter CEO Jack Dorsey, who is 45, will be stepping down at the company’s 2022 annual meeting when he will be replaced by the company’s chief technology officer Parag Agrawal, Twitter announced today: causing shares of the social media company to spike more than 11%.

After founding Twitter and serving as the social media giant’s first CEO, the company’s board of directors pushed him out in 2008, and Dick Costolo took over as CEO.

Shortly thereafter, Dorsey, who Forbes reports has a net worth of approximately $11.9 billion, founded Square, a payment-processing firm for small companies.

When Dorsey rejoined Twitter as CEO in 2015, he ran both multi-billion dollar companies: but not effectively, his critics charged.

“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” said Dorsey, who said in an email to his team that the decision to leave was "his own." “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.”

After serving as chief technology officer since 2017, Agrawal, Twitter’s new CEO, has been working for the social media company for more than a decade.

Bret Taylor, who’s been a member of the Twitter board since 2016, will take over as chairman of the board.

“I want to thank the board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership,” Agrawal said in a statement. “I look forward to building on everything we have accomplished under Jack’s leadership, and I am incredibly energized by the opportunities ahead.” 

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