Indian origin Parag Agrawal to replace Jack Dorsey as Twitter CEO

Jack Dorsey, the co-founder, and chief executive officer of Twitter is stepping down from his position. Twitter's Chief Technology Officer Parag Agrawal of Indian-Origin will be the new CEO of Twitter. Jack is stepping down from the CEO's position effective immediately though he will stay on the board of the social media company till his term expires in 2022. Jack wrote a statement citing his reasons for stepping down and mentioned that he has decided to leave Twitter because he believes the company is now ready to move from its founders.

Dorsey, 45, is also the head of payments company Square Inc. and has been taking an increasing interest in cryptocurrencies recently. Dorsey stepped down as CEO of Twitter in 2008 but returned to the company in 2015. "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."

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"The headline takeaway here is Twitter's execution," said Mandeep Singh, an analyst at Bloomberg Intelligence. "When you compare Twitter to all the other social media platforms, the level of engagement they had, they never were able to monetize it as well as some" other rivals. "Investors recognize having one man be the CEO of two companies wasn't very effective in terms of execution."