The social networking site announced on Monday that Chief Executive Officer Jack Dorsey is stepping down. Chief Technology Officer Parag Agrawal will take over as CEO. Even if investors were sceptical, the appointment of Agrawal, a 10-year Twitter veteran, signified a tacit endorsement by the board. It is of a strategy the business had previously laid out to double annual revenue by 2023.
Twitter’s stock dropped 2.74 percent on the day. Dorsey, 45, was the CEO of both Twitter and Square, his digital payments business. According to the firm, Dorsey will stay on the board of directors until his term expires at the 2022. He will also attend annual meeting of stockholders. Salesforce President and COO Bret Taylor will succeed Patrick Pichette, a former Google executive, as chairman of the board. Pichette will remain on the board as chair of the audit committee.
Parag TO Take On Immediately
The new CEO will take effect immediately. However, Dorsey will continue on the board of directors until his tenure ends at the 2022 annual shareholder meeting, according to the business.
Jack Dorsey Took The Step With Official Announcement On Email
Dorsey announced his decision to step down in an email to Twitter employees on Monday, citing the strength of Agrawal’s leadership, the appointment of Salesforce Chief Operating Officer Bret Taylor as the new chairman of the board, and his belief in the “ambition and potential” of the company’s employees.
Parag Will Focus Better On Engineering
The choice of Agrawal as Twitter’s new CEO indicates that engineering is the company’s top focus.
Agrawal has aided with the integration of cryptocurrencies and blockchain technologies into Twitter, as well as the company’s long-term goal of reshaping how social media firms operate.
He’s been a prominent figure in Bluesky, a Twitter-funded group working to create a “decentralised” common standard for social media firms. Different social platforms would be able to use the same technology and users would be able to post material across services, for example.