Twitter CTO Parag Agrawal to Replace Jack Dorsey as CEO

© REUTERS / Kacper PempelPeople holding mobile phones are silhouetted against a backdrop projected with the Twitter logo in this illustration picture taken September 27, 2013
People holding mobile phones are silhouetted against a backdrop projected with the Twitter logo in this illustration picture taken September 27, 2013 - Sputnik International, 1920, 29.11.2021
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WASHINGTON(Sputnik) - Twitter chief technology officer, Parag Agrawal, is due to replace Jack Dorsey as CEO, Twitter announced on Monday.
"Twitter, Inc. (NYSE: TWTR) today announced that Jack Dorsey has decided to step down as Chief Executive Officer and that the Board of Directors has unanimously appointed Parag Agrawal as CEO and a member of the Board, effective immediately. Dorsey will remain a member of the Board until his term expires at the 2022 meeting of stockholders," the statement said.
Agrawal has been with the company for more than a decade and has served as CTO since 2017, Twitter added.
"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," Dorsey said.
Agrawal took to Twitter to express his gratitude to Dorsey for leading the company through challenges.
"I joined this company 10 years ago when we were fewer than 1,000 employees. While it was a decade ago, those days feel like yesterday to me. I've walked in your shoes. I've seen the ups and downs, the challenges and obstacles, the wins and mistakes. But then, now and above all else, I see Twitter's incredible impact, our continue progress, and the exciting opportunities ahead of us," he wrote.
After the news about the change in the Twitter leadership, trading in its shares was halted on New York’s technology-dominated exchange Nasdaq for a short period of time as the shares rose 3.4% on the day to $48.68. By 11:04 a.m. ET (16:04 GMT), they were up 4.9%, trading at $49.38.
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