Twitter co-founder Jack Dorsey stepped down as CEO of the social media platform on Monday, November 29. Jack will be succeeded by Twitter's current Chief Technology Officer Parag Agrawal. “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 Ib failure. I've worked hard to ensure this company can break away from its founding and founders,” Jack wrote.
On Parag Agarwal’s appointment to succeed him as CEO, Jack wrote, “The board ran a rigorous process considering all options and unanimously appointed Parag. He's been my choice for some time given how deeply he understands the company and its needs.”
“Parag has been behind every critical decision that helped turn this company around. He's curious, probing, rational, creative, demanding, self-aware, and humble. He leads with heart and soul, and is someone I learn from daily. My trust in him as our CEO is bone deep,” Jack wrote.
Jack added that Parag started at Twitter as an engineer and now he’s becoming CEO — something that he and Parag share, he said.
“Consider this: Parag started here as an engineer who cared deeply about our work and now he's our CEO (I also had a similar path...he did it better!). This alone makes me proud. I know that Parag will be able to channel this energy best because he's lived it and knows what it takes. All of you have the potential to change the course of this company for the better. I believe this with all my heart!”
The outgoing Twitter CEO also said that he will continue to serve on the board till May 2022 to help with the transition.
“And after that...I'll leave the board. Why not stay or become chair? I believe it's really important to give Parag the space he needs to lead. And back to my previous point, I believe it's critical a company can stand on its own, free of its founder's influence or direction,” he said.
Jack signed off saying that he is “really sad yet really happy” with his decision.
“I want you all to know that this was my decision and I own it. It was a tough one for me, of course. I love this service and company...and all of you so much. I'm really sad...yet really happy,” Jack wrote.
“There aren't many companies that get to this level. And there aren't many founders that choose their company over their own ego. I know we'll prove this was the right move...thank you all for the trust you've placed in me, and for the openness to build that trust in Parag and yourselves. I love you all,” he said, signing off with the one thing he wants for the company: "My one wish is for Twitter Inc to be the most transparent company in the world."