The CEO and Founder of Twitter Jack Dorsey is stepping down from his position at the company. Twitter’s Chief Technology Officer Parag Agrawal will replace Dorsey.
It’s not immediately clear why Dorsey, age 45, is leaving the company he co-founded in 2006, however critics have accused Dorsey of being unfocused and spending too much time on additional projects including mobile payment company Square. Activist investor Elliot Management tried to oust Dorsey in 2020, but Dorsey survived.
Dorsey’s departure was first reported by CNBC. Shares of Twitter (TWTR) immediately traded up nearly 3 percent on the news as investors welcomed a change.