By the unanimous decision of the board of directors, Dorsey will be replaced by Parag Agrawal, who has been working in the company for over ten years. Agrawal joined Twitter in 2011 as an engineer and has worked as technology chief since 2017. The changes are effective immediately.
Dorsey explained this decision by the fact that when the founder runs the company for too long, it ultimately leads to stagnation and is “a single point of failure.”
Jack Dorsey will continue to serve on the board of directors until the company's 2022 shareholder meeting, after which he will finally leave Twitter.
Dorsey founded Twitter with Evan Williams and Biz Stone in 2006. He served as Twitter CEO until 2008. Then he shifted to the chairman position on the board of directors. In 2009, he also founded Square, a financial services company. In 2015, he became Twitter CEO again.
In 2020, Twitter investors were pushing Dorsey to step down from his CEO position at the company because he devoted too much of his time to working on Square.