Twitter Inc Chief Executive Officer Jack Dorsey will step down from his role, a person familiar with the matter told Reuters. Dorsey and Twitter’s board have reached an agreement on his successor Parag Agarwal.
Dorsey posted his resignation on Twitter.
The new CEO, Parag Agarwal, took to Twitter to express his “deep gratitude” for Dorsey. “@jack and our entire team, and great excitement for the future. Here’s the note I sent to the company. Thank you all for your trust and support,” he wrote.
The source said the company’s board has been preparing for Dorsey’s departure since last year.
Twitter was not immediately available for comment. Shares of the microblogging platform rose 9% in early trading, while digital payments firm Square Inc., also run by Dorsey, was up 3%.
His tweet on November 28 said, “I love Twitter.” The likes on that tweet grew to more than 54,000 on Monday.
In early 2020, Dorsey faced calls to step down from Elliott Management Corp, the hedge fund arguing he was paying too little attention to Twitter while running payments processing company Square Inc.
Dorsey faced pressure by giving Elliott and his affiliate, buyout firm Silver Lake Partners, seats on Twitter’s board.
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