Jack Dorsey has stepped down as chief executive of Twitter, the social network he co-founded almost 16 years ago. Dorsey will be turning over the top spot to Parag Agrawal, the company’s chief technology officer. 

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Dorsey will remain on Twitter‘s board through the end of his term in 2022 to help with the transition. CNBC reported the move earlier Monday.

“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement.


“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 plans to remain on Twitter’s board for the next six months or so to help with the transition before fully departing the company.”

“I want you all to know that this was my decision and I own it,” Dorsey told Twitter staff in an email (which he tweeted). “It was a tough one for me, of course. I love this service and company, and all of you so much. I’m really sad, yet really happy. There aren’t many companies that get to this level. And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.”

Under Dorsey’s leadership, Twitter grew into one of the top social media platforms. Dorsey implemented new features including newsletters and live audio to gain more followers in recent years.

He also oversaw the company’s first profit, which it recorded in 2018, and set a goal of doubling its annual revenue to at least $7.5 billion in 2023.

Dorsey had been CEO of the social network since 2015, when he took over following the resignation of Dick Costolo.

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