Twitter CEO Jack Dorsey announces resignation

Jack Dorsey has confirmed he has stepped down from Twitter.

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Update 11:20 a.m. EST Nov. 29: Dorsey’s replacement, Parag Agrawal has sent a message to the company, which he posted on Twitter, saying he has “deep gratitude” for Dorsey and the Twitter team.

Update 10:53 a.m. EST Nov. 29: Dorsey went on Twitter to make the announcement in a tweet that read “not sure anyone has heard but, I resigned from Twitter.”

Parag Agrawal has been tapped to become CEO starting immediately. He will also serve as a member of the board of directors until 2022 when his term expires, PR Newswire reported.

Agrawal joined the company in 2011 and has been Twitter’s Chief Technology Officer since October 2017. He has a Ph.D. in Computer Science from Stanford University and a Bachelor’s Degree in Computer Science and Engineering from the Indian Institute of Technology, Bombay.

Bret Taylor is now the chairman of the board for Twitter and will succeed Patrick Pichette.

Dorsey said of his departure, “I believe the company is ready to move on from its founders.”

Original report: News of his decision was first broken by CNBC, citing anonymous sources.

Multiple news outlets are reporting the move, with many citing CNBC.

The New York Times confirmed Dorsey’s departure, but the source requested to remain anonymous.

The Associated Press said a request for comment from Twitter had not been answered.

Reuters reported, again citing anonymous sources, that Dorsey will be stepping down and a successor has been designated.

The company has been preparing for Dorsey’s leaving since last year, according to Reuters.

Twitter’s stock jumped 11% once the news came to light before trading was stopped pending the announcement, the AP reported.

Dorsey is not only the head of Twitter, he’s also CEO of the online payment system Square.

Elliott Management, a Twitter stakeholder, tried to replace Dorsey last year before the companies reached a deal.

Elliot’s founder, Paul Singer, had questioned if Dorsey should run both Twitter and Square, and called for him to step down from one of the positions.

According to his official biography, Dorsey developed Twitter in 2006 with co-founder Evan Williams and returned to the company as CEO in September 2015 after he was fired in 2008, according to The New York Times.

It was founded by podcasting company Odeo and launched as Twttr as a short messaging service, according to History.com.

Williams had asked 14 employees to come up with a way to save Odeo. Dorsey came up with the concept. He sent his first tweet on March 21, 2006. Twitter was launched to the public in July 2006, according to History.com.