Jack Dorsey steps down as Twitter CEO, board unanimously appoints CTO Parag Agrawal as successor

Twitter CEO Jack Dorsey is stepping down as chief of the social media company, effective immediately. The Board of Directors of the company has unanimously appointed Parag Agrawal as CEO and a member of the board, effective immediately.

News of Mr Dorsey's departure was first reported by CNBC on Monday, citing anonymous sources familiar with the matter. Reuters news agency separately reported it had been told the same.

Dorsey, 45, was serving as both the CEO of Twitter and Square, his digital payments company. Dorsey will remain a member of the Board until his term expires at the 2022 meeting of stockholders, the company said.


In early 2020, Dorsey faced calls from Elliott Management Corp. to step down, after the hedge fund argued he was paying too little attention to Twitter while also running payments processing company Square Inc.

Dorsey fended off this pressure by giving Elliott and its ally, buyout firm Silver Lake Partners, seats on Twitter's board.


(With Agency inputs)