Twitter co-founder and chief executive officer Jack Dorsey on November 29 stepped down from his position, ending his nearly 16-year stint with the social media giant. The company's Board has unanimously appointed Twitter's chief technology officer Parag Agrawal as his successor.
The resignation of Dorsey, who has been heading Twitter as its chief executive since 2015, will come into effect immediately. However, he will remain a member of the Board till around May 2022 to enable a smooth transition.
"I've decided to leave Twitter because I believe the company is ready to move on from its founders," Dorsey said in a statement.
In a statement on Twitter on Monday, Mr. Dorsey wrote, "Parag has been behind every critical decision that helped turn this company around. He's curious, probing, rational, creative, demanding, self-aware, and humble. My trust in him as our CEO is bone-deep."
Shortly after the announcement, Mr. Agrawal tweeted a note, saying he was "excited for the future".
"Thank you, Jack. I'm honored and humbled. And I'm grateful for your continued mentorship and friendship," he wrote. "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."
The 45-year-old outgoing CEO expressed faith in his successor, Agrawal, who had joined Twitter in 2011 and was appointed as the company's CTO in 2017.
A graduate of the prestigious Indian Institute of Technology (IIT), Mr. Agrawal has a Ph.D. in computer science from Stanford University.
Before joining Twitter, he had worked at Microsoft, Yahoo, and US telecoms giant AT&T in various research roles.
In recent months, Twitter stepped up its pace of acquisitions after years of languid deal-making, as the company made a renewed effort to increase the addition of new features. In May the company purchased the newsreader service Scroll. But the company also faced market pressures from younger rivals including TikTok and Snapchat which have large audiences among the youngest age cohorts with short-form video products.