Shares of Twitter (NYSE: TWTR) were sent downward Monday morning, after news broke that the social media platform’s CEO Jack Dorsey will be stepping down.
According to a company announcement, Dorsey will be abdicating his post as CEO effective immediately, and will be replaced by Twitter’s chief technology officer, Parag Agrawal. Dorsey, who also currently serves as the CEO of his payments company Square, will still remain a Board member until his term ends in 2022.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement, stopping short of further elaborating on the reasoning behind the sudden departure. Dorsey, who co-founded Twitter, was already once fired from the top position in 2008, only to return in 2015.
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Dorsey has also faced an onslaught of criticism as of late, with both employees and investors questioning his dedication to the social media platform, alleging that he was focusing too much of his attention on other endeavours, including Square and other passion projects.
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