Jack Dorsey, the CEO of Twitter, has resigned after more than six years on the job.
Dorsey announced his resignation as CEO of Twitter, which he helped co-found in 2006, in a Monday tweet to his 5.9 million followers. He stated that Twitter’s board of directors has named Parag Agrawal, the company’s chief technical officer and a board member, to succeed Dorsey “effective immediately.” Dorsey said his decision to stand aside was influenced by the board’s support of Agrawal, board member Bret Taylor’s agreement to take over as chair, and possibilities for other Twitter employees to advance.
“I think it’s critical to give Parag the room he needs to lead,” Dorsey added. “I believe it is vital for a firm to be able to stand on its own, without the influence or direction of its founder.”
Dorsey was Twitter’s CEO from 2006 to 2008, and then again from 2015 after Dick Costolo stepped down. It’s unclear whether Dorsey intends to leave Twitter to focus on Square’s operations and the platform’s ambition to create a decentralized Bitcoin (BTC) exchange.
On Nov. 19, the tbDEX decentralized exchange project released a white paper outlining its ambitions to establish a messaging protocol that facilitates trust connections without relying on a federation for access management. Despite the fact that Dorsey has occasionally used his platform to make announcements for the exchange, there are no reports that he wants to become more active with the project at the time of writing.