Dorsey will remain a member of the Board until his term expires at the 2022 meeting of stockholders
Amidst the speculations, Twitter has officially announced the stepping down of Jack Dorsey as Chief Executive Officer and that the Board of Directors has unanimously appointed Parag Agrawal as the new 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.
Parag Agrawal joined Twitter in 2011 and has served as Chief Technology Officer (CTO) since October 2017. As CTO, he has been responsible for the Company's technical strategy, leading work to improve development velocity while advancing the state of Machine Learning across the company.
In addition to Agrawal's appointment to the Board, the Company announced that Bret Taylor, a member of the Twitter Board since 2016, has been named Independent Chair of the Board, effective immediately. Taylor succeeds Patrick Pichette, who will remain a member of the Board and continue to serve as chair of the Audit Committee. Taylor has significant leadership experience in the technology sector, overseeing strategy and technology development, and currently serves as the President and Chief Operating Officer of Salesforce.
"I've decided to leave Twitter because I 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," said Dorsey.
Taylor noted, "Parag understands Twitter and appreciates the Company's unique potential. He has been instrumental in tackling our most important priorities, including accelerating our development velocity, and I know he'll hit the ground running to strengthen execution and deliver results. The Board has the utmost confidence in Parag."
On appointment, Agrawal said, "I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership. I look forward to building on everything we have accomplished under Jack's leadership and I am incredibly energized by the opportunities ahead."
Noteworthy, there are no changes to the Company's previously shared outlook for the fourth quarter and full year 2021, or its 2023 goals.
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