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Twitter just announced that CEO Jack Dorsey will step down as head of the social media platform. He co-founded Twitter ten and a half years ago. Current board member and former CTO Parag Agrawal is appointed CEO effective immediately.

Jack Dorsey will remain a board member until his term expires at next year’s stockholders meeting.

I’ve decided to leave Twitter because I believe the company is ready to move on from its founders, My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead. – Jack Dorsey via Twitter.

Dorsey, who is currently 45, was serving as both the CEO of Twitter and Square (his digital payments company). What is interesting is that Twitter shares were down about 1.5% by midafternoon on Monday. After the company announced the change, the stock did recover and went up by 10 points.

Jack Dorsey
Jack Dorsey

Jack Dorsey Twitter History

Since Jack Dorsey took on the role of CEO back in 2015 Twitter shares have sky-rocketed to 85%. And square stock has surged 1,566% since its initial public offering on November 19, 2015.

The former CEO did chose their company over their ego and potentially stepped down at the right moment. CNBC was the first to report Dorsey’s departure. However, he will stay CEO of Square, his digital payments company.

Parag Agrawal (a Bombay alumnus) has been in Twitter for 10 years. He served as a CTO since 2017. And before that he held research internships at AT&T, Microsoft and Yahoo before joining Twitter.

Parag Agrawal

And Parag did promise to follow through on the company’s big plans. The company aims high. So much so that it announced that it aimed to have 315 million monetizable daily active users. This campaign will double their revenue by the end of 2023.

We recently updated our strategy to hit ambitious goals, and I believe that strategy to be bold and right, But our critical challenge is how we work to execute against it and deliver results — that’s how we’ll make Twitter the best it can be for our customers, shareholders, and for each of you. – Parag Agrawal

Parag Agarwal
Parag Agarwal

It seems like Twitter is accelerating the pace of its product innovation over the past year to compete with social media rivals such as Facebook and TikTok. Will this be the right decision? Can the stepping down of Jack Dorsey boost Twitter innovation and double their income by 2023?

All we can do is wait and see.

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