He, of course, shared the news by posting a lengthy letter on his Twitter account. His tweet read, “Not sure anyone has heard, but I resigned from Twitter.”
In the letter addressed to his employees, Dorsey said that a company being “founder-led” was “severely limiting” and “a single point of failure.”
“There aren’t many founders that choose their company over their own ego,” Dorsey wrote, referring to his decision to step down as CEO. “I know we’ll prove this was the right move.”
He also expressed his gratitude for the social network, saying, “I want you all to know this was my decision and I own it. It was a tough one for me, of course. I love this service and company…and all of you so much.”
Dorsey co-founded Twitter in 2006 and later on became CEO in 2015, after former exec chief Dick Costolo stepped down from the post. He will remain a member of Twitter’s board until his term expires at the 2022 meeting of stockholders, set to occur sometime in May.
In place of Dorsey, Twitter’s board of directors unanimously appointed Parag Agrawal, the current chief technology officer for Twitter, as CEO and a member of the board, effective immediately. Additionally, Bret Taylor, president and COO of Salesforce, was named Twitter’s new chairman. He succeeds former Google CFO Patrick Pichette, who will remain on the board and continue to serve as chair of the audit committee.
In a statement, Taylor said, “On behalf of the board, I want to thank Jack for his visionary leadership and unrelenting dedication to Twitter since its founding. Jack returned to Twitter and turned the company around at the most critical time. The progress since then has been nothing short of incredible. Jack has given the world something invaluable and we will continue to carry it forward.”
Agrawal also shared a memo, saying, “Deep gratitude for @jack and our entire team, and so much excitement for the future.”
Art Daniella Sison