Jack Dorsey, the CEO of Twitter, will resign from his position as soon as possible. After CNBC announced the news on Monday, Twitter stated that Chief Technology Officer Parag Agrawal would be his replacement.
On Monday, Dorsey sent out a goodbye tweet to staff, saying that his successor was chosen “unanimously” by the board and that Salesforce President and COO Bret Taylor will take over as chair. “This was my decision and I own it,” he stated. Dorsey is the CEO of Square, a digital payments startup, in addition to being the CEO of Twitter.
Dorsey, who is now the company’s former CEO, will continue on the board until his term ends in 2022, at the annual meeting of investors. Dorsey previously left Twitter after being dismissed in 2008 but returned in 2015 as CEO. On Monday morning, the market reacted quickly to the news, sending the social media company’s shares substantially up before trading was halted.
Employees and investors are divided on Dorsey’s stay, according to The New York Times, with some claiming he “spent too much of his time on Square and other passion projects,” while others steadfastly supported him last year despite an attempt by investors to drive him out.