Rumors about the alleged resignation of the CEO of Twitter have been confirmed, as it was Jack Dorsey himself who, in his Twitter account, confirmed the resignation of the company.
In fact, his means of communication to the public was his personal account on Twitter. There, in addition to trilling his decision, he published a letter explaining the reasons why after 16 years of working for the company he decided to make this decision.
“I’m not sure if anyone has heard about this, but I have given up Twitter” are the words with which Dorsey has decided to communicate to people through his Twitter account that he is no longer with the company. In addition, he attached to the message a photograph of the letter sent to his personal team.
Within the statement, Jack Dorsey, beyond thanking and talking about his work, dedicated the space to communicate three important news to his followers.
First, Dorsey himself announced that Parag Agrawal will be the new CEO of the company, “the board of directors carried out a rigorous process considering all the options and appointed Parag unanimously. He has been my choice for a long time. “
Dorsey also announced through the letter that Bret Taylor will be the new chairman of Twitter’s board of directors, because “he understands entrepreneurship, risk taking, large-scale enterprises, technology, product, and is an engineer. . Everything the board and the company deserve right now. Having Bret in this leadership role gives me a lot of confidence in the strength of our board going forward. “
Lastly, Dorsey makes an announcement to his entire team. “Think about this: Parag started here as an engineer who cared deeply about our work and is now our CEO (I had a similar background too … he did better!). Only this makes me proud. I know that Parag will know how to channel this energy better because he has lived it and knows what it takes. You all have the potential to change the course of this endeavor for the better. I believe it with all my heart! “
At the end of his announcement, Jack Dorsey says that he will continue to serve on the board of directors for a time to support the transition of Agrawal and Taylor into their new positions. The former CEO of Twitter ends by arguing that the letter will be made public because he wants Twitter to be the most transparent company in the world.
What happened before
The founder of Elliot Management, a Twitter shareholder company, Paul Singer, had previously questioned the current Director of Twitter about whether he should run two public companies simultaneously, so in 2020 he asked him to resign as CEO of one of the two companies. Finally, last year an agreement had been reached.
The controversy between Elliot Management and Dorsey took place in early 2020, the hedge fund arguing that Jack was paying too little attention to Twitter while running payment processing company Square Inc.
Faced with this request for resignation and pressure from the company, Dorsey defended himself by giving Elliott and his ally, the acquisition company Silver Lake Partners, positions on the Twitter board.