November 29, 2021 10:01am
Updated: November 29, 2021 12:44pm
Jack Dorsey is reportedly planning to step down as CEO of Twitter, the short form online platform that he founded in 2006.
According to CNBC, stakeholder company Elliot Management had previously sought to replace Dorsey as CEO. The company's stock immediately rose 11% upon news of his resignation this morning.
In recent years, the platform has been increasingly scrutinized for its apparent censorship of some conservative voices – including that of former President Donald Trump, who was permanently suspended from the site following the January 6 Capitol breach.
It is not yet completely clear why Dorsey is stepping down. He will remain a member of the board until the term expires in the 2022 meeting of stockholders.
"I've decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter's CEO is deep. His work over the past 10 years has been transformational. I'm deeply grateful for his skill, heart, and soul. It's his time to lead," said Dorsey in a press release.
Parag Agrawal was appointed as CEO of Twitter and a member of the board, effective immediately. Agrawal joined Twitter in 2011 and was appointed Chief Technology Officer (CTO) in October 2017.
