Twitter CEO Jack Dorsey is renouncing his position as chief of the social media firm, effective instantly. Parag Agrawal, Twitter’s Chief Technology Officer will take over instead of Dorsey, the social media mogul said on 29th November 2021 (Monday). The firm’s shares closed 2.74% on Monday.
Parag Agrawal – The new Twitter CEO
Jack Dorsey, 45, was working as the CEO of both Square, his digital payments firm, and Twitter. Dorsey will persist in serving as a member of the board until the completion of his tenure at the 2022 meeting of shareholders, Twitter stated. Bret Taylor, the Salesforce President and COO, will emerge as the Chairman of the board, and be taking over from Patrick Pichette, who will continue to remain on the board as the chair of the audit committee.
Parag Agrawal, 37, will have to accomplish Twitter’s competitive core goals. The firm said in the dawn of 2021 that it aims to possess 315 million revenue-generatable daily active users by the dusk of 2021 and at least increase its annual revenue by two-folds by that time.
Agrawal, who has worked as the Twitter CTO for the past 4 years, has served the firm for over 10 years. He had been overseeing the strategies involved with artificial intelligence and machine learning and he commanded projects to make tweets in consumers’ timelines more pertinent to them.
Agrawal was also earlier tasked with hunting for a leader for Project Bluesky, a research endeavour that the social media mogul released to launch open and decentralized standards for social media portals. Dorsey had earlier stated that Bluesky will aid social media firms to cooperate in the manner in which posts are endorsed to consumers and will give users greater power over the content they witness. Bluesky will also make it easier for social networks to impose stringent restrictions against cyber abuse.
Agrawal has facilitated research internships at Microsoft, Yahoo, and AT&T before joining Twitter.
Dorsey stated in an email that Agrawal has been his choice to lead the firm for he understands the needs of the firm very deeply.
Dorsey was almost overthrown in 2020 when Twitter stakeholder Elliott Management had sought to substitute him. Paul Singer, the founder of Elliott Management and billionaire investor, had speculated whether Dorsey should be the CEO of two public firms. Singer asked Dorsey to renounce his position as CEO of one of the firms before the investment company accomplished a deal with Twitter’s management.
Elliott released a statement on Monday’s news, stating that its partnership with Dorsey and Twitter over the past few years has been prolific.
Jesse Cohn, the firm’s partner, and Marc Steinberg, Senior Portfolio Manager, stated that the firm was now implementing against a determined multi-year blueprint to vividly enhance the firm’s reach and worth, and the two officials looked forward to the next episode of the social media giant’s story.
Jack Dorsey co-founded the social media mogul in 2006 and delivered as CEO until 2008 before being pushed out of the role by the board. He returned to Twitter and assumed the CEO’s position in 2015 after CEO Dick Costolo resigned.
Twitter stocks have surged 85% since Dorsey took over as the CEO in 2015. Square stocks have jumped 1,566% since its IPO in November 2015.
