The Chief Executive Officer of Twitter, Jack Dorsey on Monday announced his resignation after 16 years.
Dorsey disclosed this in a post on his official Twitter handle.
He said, “After almost 16 years of having a role at our company, from co-founder to CEO to chair to Exec chair to interim-CEO to CEO…I decided it’s finally time for me to leave. Why? There is a lot of talk about the importance of a company being “founder-led.”
“Ultimately I believe that’s severely limiting and a single point of failure.
“I have worked hard to ensure that this company can break away from its founding and founders.
“I resigned from Twitter.”
Meanwhile, Twitter’s former chief technology officer, Parang Agrawal, has been announced as the new CEO and a member of the board.
This development led to Twitter’s shares rising by 9 per cent on market opening on Monday morning after CNBC reported that Dorsey, who co-founded Twitter in 2006, was to leave his role.
Dorsey will however, remain the chief executive of financial payments company, Square, which has a market capitalisation of over $98 billion compared to Twitter’s $38 billion.
