New York, Nov 29 (EFE).- Twitter co-founder Jack Dorsey on Monday announced he was stepping down as CEO of the social media company.
In an email shared on his official Twitter account, Dorsey said he would be replaced by the current chief technology officer Parag Agrawal.
“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… I decided it’s finally time for me to leave,” Dorsey said in the email.
“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.”
Parag became CEO with immediate effect, Dorsey said, adding that he would remain on the board until the end of his term around May to help with the transition.
Rumors of the announcement saw Twitter’s stock shoot up 10% before trading was suspended.
Dorsey co-founded Twitter in 2006. EFE