Twitter CEO Jack Dorsey has announced his resignation as CEO of the social media company. Twitter's chief technology officer, Parag Agrawal, will take over as CEO, as the company announced on Monday.
Twitter's stock fell 2.74 per cent on the day of Dorsey's announcement.
Dorsey, 45, was the CEO of both Twitter and Square, his digital payments company. Dorsey will remain on the board until his term expires at the 2022 stockholders' meeting, according to the company. Salesforce President and COO Bret Taylor will take over as chairman of the board, succeeding former Google executive Patrick Pichette, who will remain 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, though he didn't go into further detail.
