Twitter CEO Jack Dorsey confirmed on Monday morning that he is stepping down from the company effective immediately. He will also resign from his position on the board at the end of his term near May 2022.
Parag Agrawal will take his place as CEO starting Monday.
In a memo to Twitter employees, Dorsey suggested that his reason for departure is that the company may perform better without him.
“There’s a lot of talk about the importance of a company being ‘founder-led.’ Ultimately I believe that’s severely limiting and a single point of failure,” Dorsey wrote to Twitter staff.
While Dorsey did not point to any specific reasons regarding his decision, he added in a “PS” at the end of his note that his “one wish for Twitter Inc” is for it “to be the most transparent company in the world.”
This confirms early reporting from CNBC that the Big Tech mogul would be leaving the company.
Parag Agrawal, the new Twitter CEO, tweeted his reaction to the news, adding that he will host a “Q&A” in a company conference call on Tuesday. “Let’s show the world Twitter’s full potential!” he concluded.