Twitter, Inc. today announced that Jack Dorsey has decided to step down as Chief Executive Officer and that the Board of Directors has unanimously appointed Parag Agrawal as 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. Bret Taylor was named the new Chairman of the Board, succeeding Patrick Pichette who will remain on the Board and continue to serve as chair of the Audit Committee. Agrawal has been with Twitter for more than a decade and has served as Chief Technology Officer since 2017.
Jack Dorsey tweeted a screenshot of his internal announcement email — unfortunately, without alt text. Dorsey has held the CEO title since he reclaimed it from Dick Costolo on July 1, 2015. In February 2020, Paul Singer’s Elliott Management firm made a sizeable investment in Twitter. Elliott’s goals? To replicate the “Stories” format made so popular by Snapchat and Instagram — which went spectacularly — and to get rid of Dorsey as CEO.
While serving as CTO, Agrawal has been shepherding Twitter’s “Bluesky” protocol efforts. Interesting days ahead.
Update: The now-routine context-free old tweet ransacking has begun for Agrawal.