Jack Dorsey announced he will be stepping down as the CEO of Twitter, effectively immediately.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement Monday morning.
Dorsey was a co-founder of Twitter, alongside Evan Williams, Biz Stone and Noah Glass, and served as CEO until 2008 and then returned to that role in 2015.
According to CNBC and several sources, Parag Agrawal, the company’s chief technology officer will take over Mr. Dorsey’s role.
Mr. Dorsey released this Tweet discussing his new role in the company and announcing the new CEO of the company.
This puts a lot of responsibility on Agrawal to meet their ambitious goals as a company, which include 315 million monetizable daily active users by the end of 2023 and to at least double its annual revenue in that year.
Twitter has been under fire from multiple sides of the political aisle recently. Most notably from conservatives and their concerns about censorship.