Jack Dorsey has recently stepped down from the Twitter board. Dorsey was previously the CEO of Twitter before Indian-origin Parag Agarwal took over the post in November last year. There were rumours that he would rejoin as the Twitter CEO, but he broke the speculations by saying that he would not return as the CEO of Twitter ever again.
Dorsey’s thoughts align with Elon Musk, whose $44billion deal to take over Twitter has currently been put on hold for multiple reasons.
Dorsey’s exit from the Twitter board was pre-planned. When he stepped down from the CEO position, the company had made an announcement stating that he would remain a part of the Twitter board “until his term expires at the 2022 meeting of stockholders.”
The announcement came on Wednesday which is the same day that Twitter held its annual shareholder meeting.
Dorsey is now leading the financial payments platform Block, which was formerly known as Square. Dorsey had dismissed the reports of returning as the CEO of Twitter by commenting that nobody should ever be the Twitter CEO.
Though he did not reveal the exact reason for leaving the company, it is believed that the Twitter board is trying to replace him in 2020, citing his lack of innovation and divided attention.
Dorsey had said about his resignation in an email to his employees stating that after almost 16 years of having a role at the company, from co-founder to CEO to Chair to Exec Chair to interim CEO to CEO, he’s decided it is finally time for him to leave. He mentioned that he has decided to leave Twitter because he believes that the company is ready to move on from its founders.
Dorsey was praising Parag Agarwal, the current CEO, in his exit email to the employees. Agrawal became Twitter’s CTO in 2017. He was an IIT Bombay alumni who joined Twitter 11 years ago after working at AT&T, Yahoo, and Microsoft.
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