In a major development, CTO Parag Agarwal has been unanimously selected by the board as the new CEO of Twitter. The move is effective immediately, though Dorsey will stay on the board of the social media company until his term expires in 2022, Twitter said in a statement Monday.
"I've decided to leave Twitter because I believe the company is ready to move on from its founders," Dorsey said in the statement. "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. The appointment of Agrawal, who completed his PhD in computer science from Stanford University in 2011, was announced internally in October 2017."Deep gratitude for jack and our entire team, and so much excitement for the future. Here’s the note I sent to the company. Thank you all for your trust and support", wrote Agarwal on Twitter