Jack Dorsey has announced his resignation as CEO of Twitter, the social network he helped found in 2006 with Biz Stone, Evan Williams and Noah Glass. The news had been anticipated by several US newspapers and subsequently received confirmations from the company, which has appointed Parag Agrawal, previously the company's chief technology officer (technical director, CTO), as its new CEO. On the afternoon of Monday, November 29 (in the United States it was morning), Twitter shares at times gained more than 12 percent on the stock market.
not sure anyone has heard but,
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
– jack⚡️ (@jack) November 29, 2021
Dorsey, 45, was for a long time both CEO of Twitter and of Square, an electronic payment management company. This circumstance did not appeal to some large Twitter shareholders, who were asking for a full-time person to lead the company. In 2020, the Elliott Management fund took action to replace Dorsey, then the initiative returned following an agreement reached between the parties.
From 2006 to 2008 Dorsey had already been CEO of Twitter, a role he later abandoned in the early turbulent stages of the social network's development. He had taken up the position again in 2015, replacing Dick Costolo, rather criticized by shareholders for his choices that had not led to the hoped-for growth of Twitter compared to other social networks, such as Facebook and Instagram.
Dorsey commented on Agrawal's appointment saying, “I have decided to leave Twitter because I believe the company is ready to move forward without its founders. My trust in Parag as Twitter's new CEO is deep. His work over the past decade has transformed the company. I am deeply grateful for his skills and his soul. The time has come for him to lead “.
Parag will have the task of reaching the ambitious goal of 315 million daily active users on the social network (currently about 210 million), recently set by the same company by the end of 2023. The company has also indicated as an alternative to this target to double revenues again by 2023.
