Dorsy, founder and CEO of Twitter, resigns as CEO / Article

“Twitter Inc. reports that Jack Dorsy has decided to resign as chief executive and the board of directors has unanimously appointed Paragu Agravala as chief executive and board member, with immediate effect,” the company said in a statement.

not sure anyone has heard but,

I resigned from Twitter pic.twitter.com/G5tUkSSxkl

— jack⚡️ (@jack) November 29, 2021

The company’s management has been preparing for Dorsia’s resignation since last year, an anonymous source told Reuters.

Dorsi writes in a letter to the company’s employees that now is the right time to leave.

“I want you all to know that it’s my decision. Of course, it didn’t come easy for me. I love this service and the company, and you all. I’m very sad, but also really happy. There aren’t many companies that have reached this level. And there are not many founders who have made a choice in favor of their company rather than their ego. I know we will prove that this was the right decision. “

After the initial media coverage, Twitter’s share price rose more than 11%.

Dorsi wrote “I love Twitter” on Twitter on Sunday.

Dorsii has so far been the head of both Twitter and the digital payment company Square, which he founded in 2009.

Twitter shareholder Elliott Management, an investment fund, wanted to change its head earlier last year, but an agreement was reached with Twitter’s management to include Elliott Management and its partner Silver Lake Partners on the board.

Paul Singer, founder and billionaire of Elliott Management, had expressed concern that Dorsii should run two companies and called for him to resign from one company.

The new head of Twitter will have to implement the company’s ambitious international strategy to have 315 million active site users per day by the end of 2023, doubling the company’s annual revenue.

Dorsey co-founded Twitter in 2006 with Yves Williams, Bison Stone and No Glas. He was the head of the company until 2008, but returned to his post in 2015.

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