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Twitter CEO Jack Dorsey steps down, hands reins to Agarwal

Parag Agrawal, 37, was named on Monday to succeed Co-Founder Jack Dorsey after a four-year stint as CTO, a role where he oversaw Twitter’s pursuit of blockchain and other decentralised technologies.

Twitter Inc Chief Executive Officer Jack Dorsey is stepping down from his role and Chief Technology Officer Parag Agrawal will now lead the company, the social networking site announced on Monday.

Twitter shares surged nearly 10% after the announcement and closed down 2.7%.

Dorsey, who co-founded Twitter in 2006, is leaving after overseeing the launch of new ways to create content through newsletters or audio conversations while simultaneously serving as CEO of his payments processing company Square Inc .

The CEO change is effective immediately and Dorsey will remain on the board until his term expires at the 2022 annual shareholder meeting, the company said.

Agrawal, an IIT Bombay and Stanford alumnus, said in a note posted on Twitter that he is “honoured and humbled” on his appointment and expressed gratitude to Dorsey’s “continued mentorship and friendship”.

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