Twitter CEO Jack Dorsey steps down

Twitter CEO Jack Dorsey will step down as head of the social media platform he co-founded a decade and a half ago, the company announced Monday.

Parag Agrawal, a board member and former chief technology officer, was appointed CEO effective immediately, and Dorsey will remain a member of the board until his term expires at next year's stockholders' meeting, the company said.

"I've decided to leave Twitter because I believe the company is ready to move on from its founders," Dorsey said in a statement released by Twitter. "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."

Dorsey warned of the potential pitfalls when a company founder stays on for too long.

"There’s a lot of talk about the importance of a company being 'founder-led,'" Dorsey said. "Ultimately I believe that’s severely limiting and a single point of failure."

He added: "And there aren't many founders that choose their company over their own ego. I know we'll prove this was the right move."

Dorsey remains CEO of Square, his digital payments company. He is the only person to be CEO of two public companies with market valuations of greater than $5 billion.

In his statement, Dorsey didn’t mention Square or investor pressure previously brought on him to pick one of the executive posts.

"I want you all to know that this was my decision and I own it," Dorsey said. "It was a tough one for me, of course. I love this service and company."

Dorsey ends a five-year run atop Twitter, during which he helped boost its user numbers and oversaw the implementation of a variety of new features to expand its reach and crack down on issues like abuse and misinformation.

The investment firm Elliott Management launched a campaign to remove Dorsey as CEO last year.

Twitter shares initially rose sharply after news of Dorsey’s exit spread, but they declined throughout the afternoon to finish about 2.7 percent lower.

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