Twitter boss Jack Dorsey steps down and announces new CEO!
San Francisco, California - Jack Dorsey is expected to step down as the boss of social media giant Twitter, according to reports.
Dorsey was both the chief executive of Twitter, which he co-founded in 2006, and his payment business Square.
Shares in the social media platform company rose more than 10% after CNBC reported the chief executive is set to step down.
Dorsey previously left Twitter in 2008, before rejoining in 2011 and then becoming chief executive for the second time in 2015.
He has since come under pressure from Paul Singer, the billionaire founder of hedge fund Elliott, to step down again as the company’s chief executive.
Last year, Elliott and Singer said that Dorsey should not be chief executive of both Square and Twitter, before reaching a deal with the tech firm.
The social media giant, along with the wider sector, has also faced continuing scrutiny over its moderation of harmful content online, including how it handles misinformation as well as racist and other abusive posts.
Many campaigners have called for more regulation of the sector and greater accountability of senior managers at internet companies.
Twitter's current chief technology officer, Parag Agarwal, is set to replace Dorsey as CEO.
Dorsey to quit role on board next year
In an internal email shared Monday morning on Twitter, Dorsey said he had decided "it's finally time" for him to leave.
He gave three reasons for his timing. "The first is Parag becoming our CEO... He's been my choice for some time given how deeply he understands the company and its needs," Dorsey wrote.
He also name-checked Google Maps co-creator and entrepreneur Bret Taylor, who joined Twitter's board of directors in 2016 and is set to become its chair. Finally, he referred to the platform's employees and his trust in them to continue improving.
Dorsey also confirmed he would be leaving the board of directors at the end of his term in May, "to give Parag the space he needs to lead."
He finished the email with a PS: "I'm tweeting this email. My one wish is for Twitter Inc to be the most transparent company in the world. Hi mom!"
Cover photo: IMAGO / ZUMA Wire