Jack Dorsey, the CEO of Twitter, is stepping down as the company’s leader, effective immediately. The company said on Monday that Parag Agrawal, the company’s chief technology officer, will take over as CEO.
Dorsey, 45, was the CEO of both Twitter and his digital payments startup, Square. According to the company, Dorsey will remain a member of the Board of Directors until his term expires at the 2022 annual meeting of stockholders. Salesforce President and COO Bret Taylor will replace Patrick Pichette, a former Google executive, as Chairman of the Board. Pichette will stay on the board as chair of the Audit Committee.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement.
Agrawal will have to satisfy Twitter’s ambitious internal objectives. The company stated earlier this year that by the end of 2023, it hopes to have 315 million monetizable daily active users and to have more than doubled its annual income.