Twitter CTO Parag Agrawal will replace Jack Dorsey as CEO

Twitter CEO Jack Dorsey addresses students during a town hall at the Indian Institute of Technology (IIT) in New Delhi, India, November 12, 2018.

Anushree Fadnavis | Reuters

Twitter CEO Jack Dorsey is stepping down as chief of the social media company.

Dorsey, 45, currently serves as both the CEO of Twitter and Square, his digital payments company.

The next CEO will have to meet Twitter’s aggressive internal goals. The company said earlier this year it aims to have 315 million monetizable daily active users by the end of 2023 and to at least double its annual revenue in that year.

Dorsey faced an ousting last year when Twitter stakeholder Elliott Management had sought to replace him. Elliott Management founder and billionaire investor Paul Singer had wondered whether Dorsey should run both of the public companies, calling for him to step down as CEO of one of them, before the investment firm reached a deal with the company’s management.

Dorsey, who co-founded the social media giant in 2006, served as CEO until 2008 before being pushed out of the role. He returned to Twitter as boss in 2015 after former CEO Dick Costolo stepped down.

Shares have jumped 85% since Dorsey took over as CEO Oct 5. 2015. Meantime, Square shares have surged 1,566% since its Nov. 19, 2015 initial public offering.

Twitter did not respond to a request for comment.

This is breaking news. Please check back for updates.

Source: CNBC

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