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Twitter CEO Jack Dorsey has resigned from the company and replaced by CTO Parag Agrawal as a senior, full-time employee. Price CNBC first he also mentioned the departure of Dorsey.
“I have decided to leave Twitter because I believe the company is ready to move away from its founders,” he said. Dorsey said in his statement. “My confidence in Parag as CEO of Twitter is profound. His career over the past 10 years has changed. I am so grateful for his talent, his heart, and his life. It’s time for him to lead.” Dorsey wants to stay on the Twitter board for months. six or more to assist in the transition before leaving the company.
“I want you all to know that this was my choice and I have it,” Dorsey told Twitter staff in an email (he wrote). “It was hard for me, of course. I love this service and the company, and all of you very much. I know we’ll make sure this is the right move. “
“I would like to thank the board for trusting me in my leadership and for Jack’s continued support, support, and cooperation,” Agrawal said. “I look forward to strengthening all that we have done under Jack’s direction and I am very encouraged by the opportunities ahead.
Over the last six years, Dorsey was in a unique position to run two well-known professional companies: Twitter and Square. His first role as CEO of Twitter, which he co-founded, ended in 2008 when he was pushed out, but still on board. He returned as CEO in 2015 under Dick Costolo he left.
Last year, fundraising firm Elliott Management asked Dorsey to relinquish his position on Twitter. The company’s founder, Paul Singer, also said that Dorsey’s CEO role means he can’t focus too much on social media. Twitter found agreement and Elliott Management, which also raised $ 2 billion, to keep Dorsey in place, albeit an unmistakable form of the company when the COVID-19 epidemic broke out.
Twitter he misses Wall Street expectations for earnings and acquisitions in each quarter quarter. Participating metrics, daily fundraisers (mDAU), increased by 13% annually to 211 million. However, an estimated US MDAUs remained at 37 million in the second quarter. In September, the company agreed to pay $ 809.5 million adjust the class suit, when investors criticized the company for providing misleading numbers in their actions.
Advertising is still the biggest driver of Twitter revenue ($ 1.14 billion of $ 1.28 billion made in the last quarter), but the company has been looking at other ways to make money over the past few years. Twitter bought a Revue mail letter in January and Integrated it on the Twitter platform. Users can pay readers to read newsletters and Twitter takes up five episodes.
Recently, the company released Twitter Blue, $ 3 / month service applicable to power users who add features such as a reset button, signal folders and a way to customize the thread.
Along with his election as CEO, Agrawal joined the Twitter team. In addition, Salesforce president and chief operating officer Bret Taylor was elected as an independent board chairman, in place of Patrick Pichette, who remained a board member.
Change 11/29 10:45 AM ET: Updated with confirmation.
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