Nov 29, 12:40pm
The board of the company chose Parag Agrawal as the new CEO on Monday, after co- founder Jack Dorsey stepped down.
The headquarters of the social media company is in San Francisco, California, United States. [+] by Tayfun Coskun/Anadolu Agency.
Anadolu Agency.
After working at Microsoft, AT&T, and Yahoo, and then as the company's chief technology officer since October of last year, Agrawal joined the company in 2011.
In a company email, Dorsey said that he had been behind every critical decision that helped turn the company around.
According to a news release, Agrawal became the first Distinguished Engineer for his impact on the re-acceleration of audience growth in 2016 and 2017.
He said in a company email that the world is watching him and that he is excited about the opportunities ahead for the company.
He will have to double annual revenue this year and reach over 300 million daily active users by the end of the year.
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The Board ran a rigorous process and unanimously appointed Parag. He has been my choice for a long time, given how much he understands the company and its needs. He leads with heart and soul, and is someone I learn from daily. My trust in him as our CEO is very deep.
The key background.
Recode reports that user growth has been difficult in recent years, with getting existing users to use the app again and with recruiting new users. At the time, Facebook had 2.5 billion monthly users, and the numbers were stagnant at around 300 million. According to a report, an activist investor tried to oust the CEO of the company in 2020 over the company's slow growth. The management group thought that by replacing Dorsey with a full-time CEO, it would make the company more valuable on Wall Street. Despite Apple's privacy changes, revenue for the third quarter of this year was in line with analysts' expectations.
There is a structure called the Tangent.
He confirmed his resignation in a company-wide email Monday morning, after reports surfaced that he was stepping down. In the email, he said that a company being founder-led is a signal point of failure and that there aren't many people who choose their company over their own ego. Dick Costolo stepped down as CEO in 2015, but Jack Dorsey returned to the role after being pushed out in 2008. He is the CEO of another company he co-founded.
Chief critic.
In recent years, he faced criticism for his hesitations to censor users on the app. The deputy director of the NYU Stern Center for Business and Human Rights said in a statement that there was a mixed legacy. A platform that's useful and potent for quick communication but one that's been exploited by a range of bad actors, including former President Donald Trump, who did his best on the platform to undermine democracy until the people at Dorsey's people finally had enough and shut him down.
Jack Dorsey is stepping down as CEO of the micro-blogging site.
