Twitter announced on Monday that its CEO and co-founder Jack Dorsey will immediately leave his position and will be replaced by the group’s technical manager, Parag Agrawal.
“I decided to leave Twitter because I think the firm is ready to cut the cord with its founders,” explained Jack Dorsey in a statement marking the end of an era.
To mark this new stage, the St. Louis (Missouri)-born businessman also plans to leave his position on the board of directors in 2022 and will not seek a new term during the group’s shareholders’ meeting.
With a very personal style, shaved hair and long beard, Dorsey has embodied, for years and by himself, Twitter.
Since his return to the helm of the company in October 2015, the entrepreneur has been regularly criticized for not having left command of his other company, mobile payments specialist Square, to focus solely on Twitter.
A millionaire since 2013 after Twitter was floated, Jack Dorsey has an estimated fortune of $ 11.8 billion from the Forbes magazine site.
His first stage at the helm of Twitter as CEO was in 2007 and 2008, but he was removed from the post by the board of directors, dissatisfied with his management.
Now that Dorsey begins to fade from the Twitter universe, it leaves the firm with a portfolio of 211 million daily users, considered “monetizable”, that is, exposed to advertising on the blue bird platform.
With Dorsey at the helm, Twitter had its first quarter with profit in the fourth quarter of 2017, and then two full years in the positive, until it lost again in 2020.