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Twitter's Jack Dorsey Steps Down as CEO

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Twitter co-founder Jack Dorsey has been serving his second stint as the company's chief executive.

Twitter Inc. said Monday that Chief Executive Officer Jack Dorsey is stepping down, a departure that comes a year after he withstood a challenge from activist investors.

The Twitter co-founder, one of the most prominent figures in Silicon Valley, is also CEO of digital payments company Square Inc. While his split duties and personal eccentricities have long drawn criticism, many employees have hailed him as a stabilizing force within the social-media company since he returned the CEO role in 2015.

"I've decided to leave Twitter because I believe the company is ready to move on from its founders," Mr. Dorsey said in a statement.

Twitter's board of directors named Parag Agrawal CEO and a member of the board, effective immediately. Mr. Agrawal was previously Twitter's chief technology officer.

Bret Taylor, Inc. president and chief operating officer, was named chairman of the board.

From The Wall Street Journal
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