Twitter CEO Jack Dorsey is stepping down
Twitter CEO Jack Dorsey has resigned from the company and CTO Parag Agrawal has replaced it as chief executive, immediately effective. CNBC first reported Dorsey’s departure.
“I have decided to leave Twitter because I believe the company is ready to switch from its founders,” Dorsey said in a statement. “My belief in Parag as the CEO of Twitter in. His work for the past 10 years has been transformed over. I am very grateful for his skills, heart, and soul. It’s time to lead.” Dorsey plans to stay on the Twitter board for the next six months or more to help transition before going to the company.
“I want all of you know that this is my decision and I have it,” Dorsey told Twitter staff in the email (which he tweeted). “That’s hard for me, of course. I like this service and company, and all of you are very sad, but really happy. Not many companies get to this level. And there are not many founders who choose their company for ego They themselves. I know we will prove this is the right step. “
“I want to thank their belief council on my leadership and jack for the guidance, support, and sustainable partnership,” said Agrawal. “I hope to build everything that we have achieved under Jack’s leadership and I am very energized with opportunities in front. By continuing to improve our execution, we will provide extraordinary value for our customers and shareholders when we reshape the future of public conversations Of course. “
Over the past six years, Dorsey was in a situation that unusual running two well-known technology companies: Twitter and Square. It took him first as a Twitter CEO, which he founded together, ended in 2008 when he was pushed out, but he was still on the board. He returned as CEO in 2015 when Dick Costolo departed.
Last year, Elliott Management activist investment company called for Dorsey to leave his position on Twitter. The founder of the company, Paul Singer, suggested Dual CEO Dorsey’s role means he cannot focus on the social media platform. Twitter reached an agreement with Elliott Management, which includes repurchasing $ 2 billion shares, to keep Dorsey in place, even though the prospects are faltered for companies when the Covid-19 pandemic starts to survive.
Twitter missed Wall Street expectations on the last quarterly income and income per share. Metric main involvement, Monetisable daily active users (MDaa), rose 13 percent year to 211 million. However, the average US MDaus remained at 37 million to run the second quarter. In September, the company agreed to pay $ 809.5 million to complete the lawsuit of classes, where investors accused the company to provide misleading quantities of involvement.
Advertising still has so far been the biggest drivers of Twitter income ($ 1.14 billion of $ 1.28 billion generated in the last quarter), but the company has explored other ways to make money over the past few years. Twitter bought a revue newsletter service in January and integrated it into the Twitter core platform. Users can charge readers to read bulletins and Twitter need a piece of five percent.
