By Sam Boughedda
Investing.com — Twitter Inc (NYSE:TWTR) CEO Jack Dorsey is to step down from his role, the social media company confirmed Monday.
Initial reports saw Twitter shares react positively to the news, jumping 11% to a high of $52.25. Soon after, the NYSE then halted the shares for "news pending," before the official announcement.
"I've decided to leave Twitter because I believe the company is ready to move on from its founders," Dorsey said in a note he posted to Twitter.
The company said it has appointed Parag Agrawal as CEO and a member of the board effective immediately, although Dorsey will remain a member of the Board until his term expires at the 2022 meeting of stockholders. Parag Agrawal started at Twitter in 2011, serving in his current role of Chief Technology Officer (CTO) since October 2017, helping to lead its technical strategy.
"My trust in Parag as Twitter's CEO is deep. His work over the past 10 years has been transformational. I'm deeply grateful for his skill, heart, and soul. It's his time to lead," added Dorsey, who until today was CEO of both Twitter and digital payments firm Square Inc (NYSE:SQ). There had previously been questions from Twitter stakeholder Elliot Management as to whether Dorsey was able to head up both of the companies.
New Twitter CEO Agrawal said: "I look forward to building on everything we have accomplished under Jack's leadership and I am incredibly energized by the opportunities ahead."