Twitter’s co-founder and CEO Jack Dorsey has officially resigned and Parag Agrawal (formerly the company’s Chief Technology Officer) has been named the new CEO. Dorsey made the announcement via an email to Twitter employees and later took to Twitter to make this public.
The email reveals that Dorsey has decided to step down at his own will and believes that a company needs to go “founder-less” and be able to “stand on its own, free of its founder’s influence and direction.”
Besides this resignation from the CEO role, Dorsey has also decided to no longer be associated with the Twitter board. He will stay until the end of his term (around May) to help Parag and Bret smoothly transition into their roles. The reason for this, as per the email, is to give the leadership space needed by Parag. One thing to note here is that Dorsey is also the CEO of the payments company Square, which is a great Stripe alternative, so he might not be completely free after his departure.
