RTTNews | Nov 29, 2021 02:01PM EST

14:01 Monday, November 29, 2021 (RTTNews.com) - Social media giant Twitter, Inc. (TWTR) Monday announced that Founder and Chief Executive Officer Jack Dorsey has decided to step down from his position. The board has appointed Chief Technology Officer Parag Agrawal as the new CEO, effective immediately.

Meanwhile, Dorsey will remain a member of the Board until his term expires at the 2022 meeting of stockholders. Bret Taylor was named the new Chairman of the Board, succeeding Patrick Pichette who will remain on the Board and continue to serve as chair of the Audit Committee.

Agrawal joined Twitter in 2011 and has served as CTO since October 2017. As CTO, he has been responsible for the company's technical strategy, leading work to improve development velocity while advancing the state of Machine Learning across the company.

"I've decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter's CEO is deep. His work over the past 10 years has been transformational. I'm deeply grateful for his skill, heart, and soul. It's his time to lead," said Dorsey.

Dorsey, who founded Twitter in 2006, initially served as the CEO of the company from its initial days until 2008. He later returned to the top role in 2015 after former CEO Dick Costolo stepped down.

Commenting on his appointment, Agrawal said, "I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership. I look forward to building on everything we have accomplished under Jack's leadership and I am incredibly energized by the opportunities ahead. By continuing to improve our execution, we will deliver tremendous value for our customers and shareholders as we reshape the future of public conversation."

Moving forward, Twitter said there are no changes to its previously shared outlook for the fourth quarter and full year 2021, or its 2023 goals.

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