Jack Dorsey: why is Twitter CEO stepping down, what’s his net worth, and who is replacement Parag Agrawal?

Jack Dorsey has resigned as the chief executive of Twitter, posting a message to the platform that it was “finally time for me to leave”.

In a statement posted to his personal Twitter account, Mr Dorsey said he was “really sad… yet really happy” to be leaving the firm he co-founded in 2006.

His replacement will be the company’s former chief technology officer Parag Agrawal.

Mr Dorsey said he would continue to serve on the company’s board until spring 2022 to aid the transition before leaving the firm completely.

Here’s what you need to know.

Why is Jack Dorsey stepping down?

As well as his role at Twitter, Mr Dorsey is the founder and chief executive of the payment business Square.

The technology entrepreneur and philanthropist who is thought to have a net worth of more than $11 billion, which equates to more than £8bn, previously left Twitter in 2008. He rejoined in 2011 and then becoming chief executive for the second time in 2015.

In his message to Twitter staff he said: “After almost 16 years of having a role at our company… from co-founder to CEO to Chair to Exec Chair to interim-CEO to CEO… I’ve decided it’s finally time for me to leave.”

“There’s a lot of talk about the importance of a company being “founder-led” ultimately I believe that’s severely limiting and a single-point of failure. I’ve worked hard to ensure this company can break away from its founding and its founders.”

He went on to say: “I want you all to know that 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.

“I’m really sad… yet really happy. There aren’t many companies that get to this level. And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.”

Mr Dorsey had previously come under pressure from Paul Singer, the billionaire founder of hedge fund Elliott, to step down again as the company’s chief executive.

Last year Elliott and Mr Singer said that Mr Dorsey should not be chief executive of both Square and Twitter, before reaching a deal with the technology firm.

Twitter has not commented on the announcement.

Who is Parag Agrawal?

Mr Agrawal has been with Twitter for the past 10 years. He has held several positions in the firm including that of distinguished software engineer and chief technology officer.

In his own post on the social media platform, new chief executive Mr Agrawal said he had “so much excitement for the future”.

“I look forward to building on everything we have accomplished under Jack’s leadership and I am incredibly energised by the opportunities ahead,” he added in a further statement.

“By continuing to improve our execution, we will deliver tremendous value for our customers and shareholders as we reshape the future of public conversation.”

In his own statement Mr Dorsey said of Mr Agrawal: “My trust in him as our CEO is bone deep”, going on to say he was someone who “leads with his heart and soul.”

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