Dorsey had been CEO of Twitter since 2015. Jack has nominated Parag Agrawal as the next CEO, and the company has already made the appointment.
After some rumors spread in the network, Jack Dorsey has made official his inminent exit from Twitter. In a farewell letter that appeared on Twitter this November 29, Jack assured his official resignation, leaving his job as CEO. It would mean that Dorsey would no longer get linked to any activity within the company.
In the transition, Jack has nominated engineer Parag Agrawal as the company’s new CEO and Bret Taylor as chairman of the board. In a statement, the company has already announced the appointment of both Agrawal and Taylor.
Dorsey commented in his farewell letter that he was going to serve on the board of directors until his term (in May next year perhaps) to help Parag and Bret in the transition. He also about not staying on the lead by claiming that Parag requires freedom to lead. Jack clarifies in his letter that the new CEO will give the company the direction it needs.
Jack served as CEO of Twitter from its founding in 2006 until he got replaced in 2008, still keeping his position on the board of directors. In 2015 he again assumed the leadership to date. Unlike the previous cases, on this occasion, Jack completely disassociates himself from Twitter.
In the absence of a statement on the matter, it is presumable that Jack will continue his work as CEO of the financial services company Square. Dorsey faced possible impeachment last year when Twitter investment firm Elliott Management reportedly sought a replacement for the current CEO on allegations that they did not see Dorsey serving as CEO for two companies in parallel.
The Challenges for the New CEO
For Dorsey, the new CEO of Twitter is the ideal candidate. He said Parag is curious, rational, creative, demanding, self-aware, and humble. He will lead with heart and soul.
Agrawal has been on Twitter for more than a decade and has served as CTO since 2017. On his appointment, the new CEO said they would continue to build on the foundation that Dorsey left behind and showed enthusiasm about being the new leader in the chair.
However, you will have to face some challenges, such as the recent bitcoin tipping feature within Twitter.
In mid-November, Ned Segal, Twitter’s CFO, commented that the company should not invest in bitcoin, claiming that it is a nonsense decision. This position contrasts with Dorsey, who would have voted in favor of adopting this new technology.
This year Twitter moved more and more in the direction of adopting Bitcoin technology. There is also a Dapps and cryptocurrency development team currently within the company, created along with the recent BTC tip payment tool.
Parag, in this case, must set up a position to continue with the development of this technology within the company or give a resounding no. This information reveals that Jack, in his farewell letter, said that he would bring Parag freedom to lead.
By: Jenson Nuñez
