Jack Dorsey has resigned his position as CEO of Twitter after first stepping down in 2008, then returning in 2015.
To take effect immediately, Parag Agrawal, Twitter’s incumbent chief technology officer, will take over as CEO.
45 year old Dorsey was serving as both the CEO of Twitter and Square, his digital payments company. He will, however, remain a member of the Board until 2022, when his term expires. This was revealed at a stakeholders meeting on Monday.
Another major change for Twitter is Salesforce President and COO, Bret Taylor, replacing Patrick Pichette as Chairman of the Board.
Speaking on the recent development, Dorsey said in a statement “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders.”
Agrawal is mandated to meet Twitter’s aggressive internal goals that include having 315 million monetizable daily active users by the end of 2023 and to at least double its annual revenue in that year.
It’s notable to mention that Dorsey co-founded the social media giant in 2006, and served as 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.
Since Dorsey took over in 2015, shares have jumped 85%. Meantime, Square shares have surged 1,566% since its Nov. 19, 2015 initial public offering.
