In an unexpected and surprising tweet, co-founder of Twitter Jack Dorsey announced that he has resigned from Twitter and former CTO Parag Agrawal will take over his position, effective immediately.
He (Parag)'s been my choice for some time given how deeply heunderstands the company and its needs. Parag has been behind every critical decision that helped turned this company around. He's curious, probing, rational, creative, demanding, self-aware, and humble. He leads with heart and soul, and is someone I learn from daily. My trust in him as our CEO is bone deep.
Meanwhile, Bret Taylor is joining Twitter's board and has been appointed as the Chair of the board. Dorsey himself will remain on the board until around May next year while he helps the new CEO and Chair in the transition and he plans to leave after that. "I believe it's really important to give Parag the space he needs to lead...I believe it's critical a company can stand on its own, free of its founders' influence or direction," Dorsey says in his email.