Twitter's CEO, Jack Dorsey, has resigned, and the company's CTO, Parag Agrawal, has been unanimously chosen as his replacement by the board. According to Reuters, the company's board has been planning for Dorsey's departure since last year. The announcement comes as Twitter has accelerated its product innovation in the last year in order to compete with social media rivals like Facebook and TikTok, as well as meet its goal of doubling annual revenue by 2023.
Dorsey also took to Twitter to explain why he was stepping down as CEO of Twitter after 16 years and why Agrawal was the right person to lead the company he co-founded in 2006. "Because I believe the company is ready to move on from its founders, I've decided to leave Twitter. I have a lot of faith in Parag as Twitter's CEO. His work has had a profound impact over the last ten years. I owe him a debt of gratitude for his talent, heart, and soul.
It is now his turn to lead "Dorsey stated....
