Announced this morning, Jack Dorsey @jack is leaving the Twitter CEO gig with CTO Parag Agrawal @paraga taking the helm. Jack took to Twitter to share the company-wide email he sent about his resignation and the next steps for the company.
not sure anyone has heard but,
I resigned from Twitter pic.twitter.com/G5tUkSSxkl— jack⚡️ (@jack) November 29, 2021
Jack is staying on the Board until his term expires "May-ish", and Bret Taylor, a current member of the Board will be taking the top seat as Independent Chair of the Board. According to Jack's email, Parag, who started as an Engineer at Twitter in 2011, and has followed a similar path to Jack to take the reins.
This move will give Jack a full focus on the other company where he's been the CEO, payments company Square. There's been a lot of talk throughout the last couple of years on him being a CEO at two public companies, and seeing where the effort has been. Square has continued to rise in stock price, whereas Twitter hasn't had the same impact. $TWTR is currently trading at $46, down from an all-time high of $77. $SQ is currently trading at $214, down from an all-time high of $281.
We will see how the product focus of Twitter changes over the next year. The latest big update was the Twitter Blue subscription offering for $3/mth to allow members access to premium features on Twitter.
Mark E. Chiles is the Founder of Overwrite Media and has an extensive two-decade career in progressive technology and digital media. He's been a speaker at several conferences related to digital marketing, media, and customer data. Connect with him on Twitter @markechiles or on LinkedIn.