In an email sent to ‘Twitter‘ with the quirky subject line ‘Fly’, Jack Dorsey officially announced his decision to step down as chief executive of the social media platform after almost 16 years.
Jack Dorsey resigns as Twitter CEO
Months after Amazon founder Jeff Bezos sent a tremor across global markets with his retirement, Dorsey followed suit. In the email, the 45-year-old explained it was time to pass the baton to Parag Agrawal.
“The board ran a rigorous process considering all options and unanimously appointed Parag. He’s been my choice for some time given how deeply he understands the company and its needs. Parag has been behind every critical decision that helped turn 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,” Dorsey wrote.
The Twitter co-founder also announced Bret Taylor as the new board chairperson. Dorsey describes Taylor as a leader who “understands entrepreneurship, taking risks, companies at massive scale, technology, product and he’s an engineer.”
What’s next for Dorsey?
While no direct reason was offered for why Dorsey decided to vacate his position, the tech billionaire did reveal that after May 2022, he will be completely detached from Twitter as it his belief that “it’s critical a company can stand on its own, free of its founder’s influence or direction.”
“I want you all to know that this was my decision and I own it. 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,” he wrote.
Dorsey is still listed as a chief executive of Square Inc., a financial services company that owns Cash App, Tidal and other leading digital businesses.
Read the full retirement email Dorsey sent to Twitter staff members here:
not sure anyone has heard but,— jack⚡️ (@jack) November 29, 2021
I resigned from Twitter pic.twitter.com/G5tUkSSxkl