'Twitter is ready to move on': CTO Parag Agrawal to replace Jack Dorsey as CEO

Washington DC [US], November 29 : Twitter chief technology officer (CTO), Parag Agrawal, is due to replace Jack Dorsey as Chief executive officer (CEO), the company announced on Monday.
"Twitter, Inc. (NYSE: TWTR) today announced that Jack Dorsey has decided to step down as Chief Executive Officer and that the Board of Directors has unanimously appointed Parag Agrawal as CEO and a member of the Board, effective immediately. Dorsey will remain a member of the Board until his term expires at the 2022 meeting of stockholders," the statement said.
Agrawal has been with the company for more than a decade and has served as CTO since 2017, Twitter added.
Dorsey said that he has decided to leave Twitter because he believe the company is ready to move on from its founders. "My trust in Parag as Twitter's CEO is deep. His work over the past 10 years has been transformational. I'm deeply grateful for his skill, heart, and soul. It's his time to lead," Dorsey said.
"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. I've worked hard to ensure this company can break away from its founding and founders," he added.
The social media giant was cofounded by Dorsey in 2006. He later went on to become one of the topmost technology entrepreneurs.