Resignation of Jack Dorsey! The Twitter boss surprisingly announced today that he will quit the social network. Here’s what’s behind it.
The resignation of Jack Dorsey is official. After initial media reports, the Twitter boss has now confirmed himself that he is saying goodbye to his CEO post with immediate effect.
Initially, the broadcaster CNBC and the news agency Reuters had published reports in which the company had confirmed the resignation. Now Jack Dorsey himself has also commented on your resignation.
This is behind the resignation of Jack Dorsey
So Dorsey wrote an email to the Twitter team, which he later also posted as a tweet. In it, Dorsey writes that after 16 years at Twitter, it is time for him to say goodbye. In it, Jack Dorsey gives three reasons why now is the best time to step down.
The first is his successor: Parag Agrawal. The current CTO will take over Dorsey’s role with immediate effect. He was not only the board’s decision after a rigorous review process, but also Dorsey’s first choice, the ex-CEO writes.
Parag has been behind every critical decision that has saved this company. He is curious, critical, rational, creative, demanding, humble and has good self-awareness. My confidence in him as CEO is bone-deep.
Dorsey cites the new board chair, Bret Taylor, as the second reason for the timing of his resignation. And last but not least, he says, right now is a good time to leave because the current Twitter team is so outstanding.
arag would assume the new CEO role with immediate effect.
Personal reasons or external pressure
In his statement, Jack Dorsey remains somewhat vague when it comes to the exact reasons for his resignation. However, he hints that he believes that he, as founder, could inhibit Twitter’s future. By stepping aside now, he says, the company can develop more freely. Dorsey also stresses that the exit was his decision alone.
While the resignation may be shocking to some, there have also been signs for some time that pressure on Dorsey was growing from outside.
For example, there has long been criticism in the background because Dorsey is not only Twitter’s CEO, but also CEO of the payment service Square. This double burden has long been a thorn in the side of investors.
Dorsey had already resigned once after a dispute with a co-founder, but then returned as CEO in 2015.
After Dorsey’s resignation became known, both Twitter and Square shares temporarily rose by ten and three percent, respectively.
After resignation: What remains of Jack Dorsey at Twitter?
Dorsey’s decision was clearly not an easy one. After all, Twitter has been closely associated with Dorsey since its founding in 2006.
This is due in no small part to Dorsey’s now legendary very first tweet on the platform. The social network, which has since become one of the world’s largest social media platforms, was launched with the words: “Just setting up my twttr.
The last few years have certainly been some of the most turbulent for Dorsey at Twitter. After taking a tough stance against misinformation during the U.S. election campaign and even banning former U.S. President Donald Trump from the platform, he faced a lot of criticism from Republicans.
There has also been criticism from investors in recent years because it has been difficult for Twitter to get out of the red. Compared to Facebook, for example, Twitter’s revenue model is not as lucrative.
However, Dorsey will remain with the company for a few more months. Dorsey announced he would still serve his term on the board until around May 2022, partly to help his successors with the transition. After that, however, Dorsey said it would be best if he were no longer part of the decision-making team.
On a personal level, Dorsey expressed both sadness and relief: “I’m really sad… and yet really happy.”
