Jack Dorsey is stepping down from his role as CEO of Twitter, he announced via a statement on Monday (Nov. 29). Effective immediately, Parag Agrawal, Twitter’s chief technology officer, will be taking over the social media platform.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey wrote. “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.”
Dorsey founded Twitter in 2006 and served as the company’s CEO for two years before he was deemed an unfit leader.
At the time, the board reportedly cited him for his failure to fix an outage issue and claimed that he would attend fashion design and yoga classes. He returned to the platform in 2015 when Dick Costolo resigned. Nearly six years later, he’s leaving the executive role. He will remain on the executive board for the remainder of the year.
“I want you all to know that this was my decision and I own it. It was a tough one for me, of course,” Dorsey, the founder of financial platform Square, explained in an email. “I love this service and company … and all of you so much. I’m really sad …yet really happy. There aren’t many companies that get to this level. And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.’”
Agrawal also issued a statement in which he expressed happiness over his promotion.
See the statements from Dorsey and Agrawal below.