Jack Dorsey Steps Down as Twitter CEO

Twitter co-founder Jack Dorsey announced, on Monday, he is stepping down as chief executive of the company.

Twitter revealed that Dorsey is going to be replaced by the current chief technical officer, Parag Agrawal.

Dorsey, who co-founded Twitter in 2006, has been serving as CEO of both Twitter and payment firm Square.

"It's finally time for me to leave," he wrote in a statement, adding that the company was "ready to move on" and he had "deep" trust in his replacement. "I'm deeply grateful for his skill, heart, and soul. It's his time to lead."

Notably, Agrawal joined Twitter in 2011 and has been the firm's head of technology since 2017.

On Sunday, Dorsey tweeted, apparently unprompted: "I love Twitter."

https://twitter.com/jack/status/1464865985471471616?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1464865985471471616%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.bbc.com%2Fnews%2Ftechnology-59465747

In a separate message to the official corporate statement, he tweeted: "Not sure anyone has heard but I resigned from Twitter".

"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," he wrote in an attached email he sent to staff.

Moreover, he pointed out that he would leave the board after his term expires.

"Why not stay or become chair? I believe it's really important to give Parag the space he needs to lead."