Co-founder of Twitter Jack Dorsey has stepped down as CEO and succeeded by Indian-origin Parag Agrawal, who was before a Chief Technology Officer of the company.
Dorsey will remain in the ext boards by 2022 when his term gets expire.
Aggarwal was CTO in the company from 2017, and he had joined Twitter in 2011.
According to a statement posted on Twitter by Dorsey, he was facing many distractions as CEO, and he started his letter while giving the fact that he is also a founder and CEO of a payments company, Square. His critics also complained that the arrangement had divided his attention to Twitter’s detriment.
There was a consistently bad performance by Twitter in the market, but now it jumped more than 10 per cent at the opening bell Monday.
Dorsey is also providing his service to Square, a financial payments company, as the top executive, he was also questioned that will be comfortable handling both the companies at one time.
Twitter came into the limelight during the election of 2020, and the political environment was fully heated, after that, the company also banned Former President Donald Trump. while defending this move by the company Dorsey said that January 6 Capitol riot and Trump’s tweets after the event resulted in a risk to public safety.
After this, the circumstances created an “extraordinary and untenable situation for Twitter.
While alleging for censorship in July, Trump sued Twitter, Facebook and YouTube.
The early days of Twitter began with a tweet sent by Dorsey on March 21, 2006, that read, “just setting up my twitter.”
Dorsey initially became Twitter CEO in 2007 but was forced out the following year. He returned to the role in 2015.