Twitter’s chief technology officer Parag Agrawal has replaced Jack Dorsey as the social media platform’s chief executive officer, following confirmation that Twitter founder Dorsey was stepping down. Dorsey will remain as a member of Twitter’s board until his term expires in mid-2022.
- Agrawal has been unanimously appointed by the company’s board to replace Dorsey effective immediately, Twitter announced Monday. Agrawal has worked at Twitter for more than a decade.
- In addition, board member Bret Taylor has been named independent chair of the board.
- Dorsey shared an internal email confirming his resignation, in which he described the importance of Twitter “breaking away from its founding and founders.”
- He has yet to announce what his next move will be, though he indicated in August that he had plans to build a decentralized bitcoin exchange via a division of payments company Square, of which he is also CEO. Square recently released a white paper with more details about the plans.
- The Twitter founder is a well-known bitcoin fan, having made several forays into the world’s largest crypto, both through Twitter and Square.
- It was first reported earlier today that Dorsey was expected to step down from his executive role, after which the company’s stock initially jumped 11%, before trading was suspended by the New York Stock Exchange.
- Trading was resumed at 15:56 UTC, with Twitter’s shares down 0.5% on the day at the time of writing.
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