Billionaire Jack Dorsey, co-founder of Twitter, announced his retirement as CEO of the social media company after 16 years of leadership.
The news, first reported by CNBC, was confirmed by Dorsey on Monday evening, in a tweet. Parag Agrawal, the current chief technology officer, is set to take over from the billionaire, and Brett Taylor will take over as chairman, in which Dorsey remains until May.
In a letter to company employees, Dorsey wrote, first, that he tweeted: “I think it is extremely important that the company can stand on its own, independent of the influence or direction of its founder.”
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He stressed that the company is able and ready to go without him, and that his confidence in Parag as CEO is deep, noting that he (Barage) has made transformational contributions during the past ten years.
In addition to his work as CEO of Twitter, Dorsey is also the CEO of Square, a digital payment services company, and his role in it has been a source of contention with some Twitter investors, according to Fortune magazine.
Although he established the company, his career path was not calm, as he managed Twitter at the beginning, but he entered into strong disagreements with investors and other partners and was forced to leave in 2008.
I want you all to know that this was my decision and I own it, it was difficult for me of course, I love this service and the company, I love you all so much, I am really sad, but I am also very happy.
Jack Dorsey
Co-founder of Twitter
Two years later, with the company having to dismiss its CEO at the time, Evan Williams, and with mediation between employees and the board of directors, Dorsey returned again, and took the position of CEO again, but in 2015.
The following years were difficult for the company, as it was accused of giving verification badges to white people and providing space for aggressive and hateful rhetoric, as it was in the crosshairs of the Republican Party, led by former US President Donald Trump.
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