It is no longer news that American technology entrepreneur and philanthropist, Jack Dorsey will be resigning from his role as the chief executive officer (CEO) of Twitter. The shocking news was first reported by CNBC on Monday. According to the information, Parag Agrawal, the former Chief Technology Officer (CTO) of the social media platform will be taking over the CEO role, effective immediately.
Why did Jack Dorsey resign?
In a press statement, the American billionaire stated that he'd be leaving the social media platform he co-founded a decade and a half ago because he believes the company is ready to move on from its founders.
In his own words; "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."
Dorsey warned of potential pitfalls of a company founder staying on for too long.
"There’s a lot of talk about the importance of a company being 'founder-led,'" Dorsey said. "Ultimately I believe that’s severely limiting and a single point of failure."
He added: "And there aren't many founders that choose their company over their own ego. I know we'll prove this was the right move."
Dorsey faced an ousting last year when Twitter stakeholder Elliott Management had sought to replace him. Elliott Management founder and billionaire investor Paul Singer had wondered whether Dorsey should run both of the public companies, calling for him to step down as CEO of one of them, before the investment firm reached a deal with the company's management.
Dorsey served as Twitter CEO until 2008 before being pushed out of the role. He returned to Twitter as boss in 2015 after former CEO Dick Costolo stepped down.
Dorsey is the only person to be CEO of two public companies with market valuations of greater than $5 billion.
He remains CEO of Square, his digital payments company.
We give you the best daily information on news, technology, lifestyle, career, health tips, agriculture, business and entertainment. If you can write very well and want to make a living writing online, click HERE!