In a sudden move, Jack Dorsey, Co-founder and Chief Executive Officer ofTwitter on Monday announced his resignation as CEO with immediate effect.
He announced his resignation in a statement on Monday, after 16 years of co-founding Twitter.
“After almost 16 years of having a role at our company…from co-founder to CEO to Chair to Exec Chair to interim-CEO to CEO…I decided it’s finally time for me to leave. Why?
“There’s a lot of talk about the importance of a company being “founder-led.” Ultimately I believe thať’s severely limiting and a single point of failure. I’ve worked hard to ensure this company can break away from its founding and founders. There are 3 reasons I believe now is the right time.
“The first is Parag becoming our CEO. 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.
“The second is Bret Taylor agreeing to become our board chair. I asked Bret to join our board when I became CEO, and he’s been excellent in every way. He understands entrepreneurship, taking risks, companies at massive scale, technology, product, and he’s an engineer. All of the things the board and the company deserve right now. Having Bret in this leadership role gives me a lot of confidence in the strength of our board going forward. You have no idea how happy this makes me!
“The third is all of you. We have a lot of ambition and potential on this team. Consider this: Parag started here as an engineer who cared deeply about our work and now he’s our CEO (1 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!”
In the statement, Jack went on to announce that his successor, Parag Agrawal will take over immediately.
“Parag is CEO starting today. I’m going to serve on the board through my term (May-ish) to help Parag and Bret with the transition. And after that…I’l 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 iť’s critical a company can stand on its own, free of its founder’s influence or direction.
“I want you all to know that this was my decision and l 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. 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.
“We’ll have an all-hands meeting tomorrow at 9:05 AM Pacific to discuss it all. Until then, 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.
Parag in his reaction, thanked Jack for his enormous service to the company and promised to build on his achievements.
“Thank you, Jack. I’m honoired and humbled. And I’m grateful for your continued mentorship and your friendship. I’m grateful for the service that you built, the culture, soul, and purpose you fostered among us, and for leading the company through really significant challenges. I’m grateful for the trust you’ve put in me and for your continued partnership.
“Team, most of all, I’m grateful for all of you, and it’s you who inspire confidence in our future together. I joined this company 10 years ago when there 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 the mistakes. But then and now, above all else, I see Twitter’s incredible impact, our continued progress, and the exciting opportunities ahead of us.
“Our purpose has never been more important. Our people and our culture are unlike anything in the world. There is no limit to what we can do together.
“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. I want you to #LoveWhereYouWork and also love how we work together for the greatest possible impact.
“I recognise that some of you know me well, some just a little, and some not at all. Let’s consider ourselves at the beginning-the first step towards our future. l’m sure you have lots of questions and there’s a lot for us to discuss. At the all-hands tomorrow we’ll have lots of time for Q&A and discussion. It will be the beginning of ongoing open, direct conversations I wish for us to have together.
“The world is watching us right now, even more than they have before. Lots of people are going to have lots of different views and opinions about today’s news. It is because they care about Twitter and our future, and it’s a signal that the work we do here matters. Let’s show the world Twitter’s full potential!”