CEO Jack Dorsey leaves Twitter “effective immediately”

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CEO Jack Dorsey leaves Twitter "effective immediately"

Jack Dorsey, who co-founded the popular Twitter social media site back in 2006, is stepping down as CEO of the company effective immediately. Replacing Dorsey will be Twitter chief technology officer Parag Agrawal.

In a statement, Dorsey said, “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.”

The 45-year-old Dorsey is also CEO of Square, a mobile payments company he co-founded. Dorsey will remain a member of the Twitter board until his current term expires at the  2022 stockholders meeting. Salesforce President and COO Bret Taylor will take over from Patrick Pichette as Chairman of the Board. Pichette will remain on the board as chair of the Audit Committee.

The controversial social media site hopes to at least double its annual revenue by the end of 2023 while reporting 315 million monetizable daily active users by the end of that year. But these are goals that now are up to Mr. Agrawal to reach.

Dorsey had been removed as CEO of Twitter in 2008 before returning in 2015 when Dick Costolo left. Since Dorsey’s return on October 5th, 2015, Twitter shares have risen 85% according to CNBC. Shares of Dorsey’s other public company, Square, have risen 1,566% since the firm went public on Nov. 19, 2015. Investors initially took Twitter shares 11% higher to 52.27. But the stock has given up all of its gains and is now down more than 1% for the day at $46.49.

Dorsey, as you might expect, took to his @jack Twitter page to confirm the news and to leave a long message to his followers. In it, Dorsey writes, “I want you all to know that this was my decision and I own it. It was a tough one for me, of course. 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.”

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