Twitter CEO Jack Dorsey resigns

 Twitter CEO Jack Dorsey resigns

Twitter’s chief executive officer, Jack Dorsey, announced Monday that he has resigned from the microblogging company.

Mr Dorsey disclosed this in a post on his official handle.

“Not sure anyone has heard but, I resigned from Twitter,” his tweet reads.

 

“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” a statement released by the company quoted him saying.

Twitter’s former chief technology officer, Parag Agrawal, has been announced to take over as the new CEO and a member of the board.

The company’s shares rose 9 per cent on market opening Monday morning after CNBC reported that Mr Dorsey, who co-founded Twitter in 2006, was to leave his role.

Trade halted on the New York Stock Exchange after the spike, but shares resumed trading with a gain of more than 4.5 per cent ahead of where they opened, Sky news reported.

Mr Dorsey, 45, will remain the chief executive of financial payments company, Square, which has a market capitalisation of over $98 billion compared to Twitter’s $38 billion.

Mr Dorsey faced criticism last year when Paul Singer, a Twitter stakeholder, and founder of Elliott Management, publicly questioned his ability to run both companies at the same time.

Read Jack Dorsey’s full statement posted below

Hello team.

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…| decided it’s finally time for me to leave. Why?

 

There’s 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’ve worked hard to ensure this company can break away from its founding and founders. There are 3 reasons I believe now is the right time.

The first is Parag becoming our CEO. The board ran a rigorous process considering all options and unanimously appointed Parag. He’s been my choice for some time given how deeply he understands the company and its needs. Parag has been behind every critical decision that helped turn this company around. He’s curious, probing, rational, creative, demanding, self aware, and humble. He leads with heart and soul, and is someone who learns daily. My trust in him as our CEO is bone deep.

The second is Bret Taylor agreeing to become our board chair. | asked Bret to join our board when I became CEO, and he’s been excellent in every way. He understands entrepreneurship, taking risks, companies at massive scale, technology, product, and he’s an engineer. All of the things the board and the company deserve right now. Having Bret in this leadership role gives me a lot of confidence in the strength of our board going forward. You have no idea how happy this makes me!

The third is all of you. We have a lot of ambition and potential on this team. Consider this: Parag started here as an engineer who cared deeply about our work and now he’s our CEO (I also had a similar path…he did it better!). This alone makes me proud. | know that Parag will be able to channel this energy best because he’s lived it and knows what it takes. All of you have the potential to change the course of this company for the better. | believe this with all my heart!

 

 

Parag is CEO starting today. I’m going to serve on the board through my term (May ish) to help Parag and Bret with the transition. And after that…I’ll leave the board. Why not stay or become a chair? I believe it’s really important to give Parag the space he needs to lead. And back to my previous point, I believe it’s critical a company can stand on its own, free of its founder’s influence or direction.

I want you all to know that this was my decision and own it. It was a tough one for me, of course. I love this service and company…and all of you so much. I’m really sad…yet really happy. There aren’t many companies that get to this level. And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.

We’ll have an all hands meeting tomorrow at 9:05 AM Pacific to discuss it all. Until then, thank you all for the trust you’ve placed in me, and for the openness to build that trust in Parag and yourselves. I love you all.

jack

PS I’m tweeting this email. My one wish is for Twitter Inc to be the most transparent company in the world. Hi mom!

LTV

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