November 29, 2021, 10:55 a.m. It's official. Jack Dorsey resigned from the company and will be replaced by Parag Agrawal.
The email that was sent to employees was included in the picture that Dorsey sent. He says that the board unanimously picked Agrawal to replace him. According to him, Agrawal was his pick as well.
Why is he leaving? It's "severely limiting" for the company to be led by a founder, according to the CEO. He says he left based on what was best for the company. After May-ish, he will leave the company without a role and stay on the board to help with the transition.
He said at the end of his resignation email that he wished for the company to be the most transparent in the world.
It's possible that Tweet has been deleted.
The original story is below.
A new CEO is about to be named.
If the rumors of Jack's plan to step down pan out.
According to a report by CNBC, sources have told the outlet that the CEO of the popular social network is planning to step down.
Some shareholders of the micro-blogging site have been critical of the dual-CEO role that Dorsey has at both Square and Twitter. Many are questioning the time commitments that Dorsey is able to make between the two companies.
Outside of the business world, Dorsey has been critiqued over the content that is allowed on the platform. The Southern Poverty Law Center put out a report in the summer that knocked out the connections that Dorsey had with certain far-right figures. The SPLC series calls out the platform's role in the events of January 6 when supporters of former- President Trump violently invaded the Capitol building in Washington, DC.
This issue may not get any better with Dorsey out of the picture. One of the major stakeholders that has been leading the charge to replace Dorsey as CEO is Elliott Management. Paul Singer founded the firm.
If we hear back, we will update this post.
However, the other morning, he did send this out. Maybe we shouldn't pay too much attention to it. Maybe we should.
It's possible that Tweet has been deleted.
