‘All of you’: Twitter’s former-CEO lays out 3 reasons for stepping down

National News

RALEIGH, N.C. (WNCN) — After 16 years at the company, Twitter’s co-founder and CEO has announced his resignation. Jack Dorsey announced on his personal Twitter account that he would step down from his executive role.

Dorsey tweeted a letter he wrote to the company stating at the end of it that his one wish “is for Twitter Inc to be the most transparent company in the world.”

One of the most influential people in the social media world, Dorsey, cited three reasons for the timing of his decision. The first was that Parag Agrawal, the company’s chief technology officer, is being chosen to succeed him as CEO. Twitter’s board appointed Agrawal as the new CEO, a decision Dorsey said he supported. His resignation letter said of his replacement, “He leads with heart and soul, and is someone I learn from daily.” The replacement took effect Monday.

The second reason given by Dorsey was Bret Taylor agreeing to become board chair. Taylor is a current board member along with the president and chief operating officer at Salesforce- a customer relationship management platform. Dorsey said in this letter that Taylor “understands entrepreneurship, taking risks, companies at massive scale, technology, product, and he’s an engineer”

Dorsey’s final reason in his letter to his company was “all of you”. The co-founder said the team at Twitter had the potential to change the course of the company “for the better.”

The co-founder said he planned to serve the remainder of his term on the company’s board through May to help with the transition. He said he would not stay in order to give the new leadership the space they need to show they can stand on their “free of its founder’s influence or direction.”

No word from Dorsey yet on what he will do after May. Forbes estimated he had a net worth of $11.7 billion.

Along with Twitter, the now-former CEO also co-founded the small business payment platform, Square.

Read Dorsey’s entire letter below:

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