On Monday, 29th November, 2021 Twitter revealed the departure of their Chief Executive Officer Jack Dorsey.
According to people familiar with the issue, Hes stepping down because some investors are uncomfortable with his roles that is running two large, publicly traded companies.
The Twitter co-founder, one of Silicon Valley’s most prominent figures, is also CEO of digital payments company Square Inc. His split duties and outside hobbies have long drawn criticism, and last year activist investor Elliott Management Corp. pushed for changes at Twitter,including potentially adjusting Mr. Dorsey’s role, the people said.
The company said in a securities filing in November that it had updated its CEO succession plan. The board, which included an Elliott representative, and Mr. Dorsey discussed plans at the time for him to step down relatively soon, the people said. He decided to resign now after Twitter launched a number of new products in recent months, the people said.
Twitter’s board of directors named Parag Agrawal CEO and a member of the board, effective immediately. Mr. Agrawal was previously Twitter’s chief technology officer. Bret Taylor, Salesforce.com Inc. president and chief operating officer, was named chairman of the board.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Mr. Dorsey said in a statement.
Elliott said Monday that it believes Messrs. Agrawal and Taylor are the right leaders for the company.
Mr. Dorsey’s move doesn’t affect his position at Square, which he also co-founded. With a market capitalization of almost $100 billion, Square is more than twice as valuable as Twitter, which is valued at about $37 billion.
With his long beard and nose ring, 45-year-old Mr. Dorsey is one of the business world’s most enigmatic figures. His management style involves delegating most major decisions to subordinates, in part to allow other executives to step up. It also allows him to pursue his personal passions.
By Afia Owusu/Myxyzonline.com|Ghana