Dorsey, who is a co-founder of the social media firm, will stay on as a board member till his term expires in 2022


Parag Agrawal is the new CEO of Twitter. (Credit: Tobias Kleinlercher / Wikipedia)

Twitter has announced that its board of directors has appointed Parag Agrawal as the new CEO of the company with immediate effect following the resignation of Jack Dorsey from the role.

Dorsey, who is a co-founder of the microblogging platform, will continue as a board member until the expiry of his term at the company’s 2022 stockholders meeting.

He launched the social media platform alongside Noah Glass, Biz Stone, and Evan Williams in 2006.

Dorsey’s successor, Parag Agrawal, has served Twitter as chief technology officer since 2017.

Dorsey said: “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders.

“My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational.

“I’m deeply grateful for his skill, heart, and soul. It’s his time to lead.”

Parag Agrawal had joined the social media firm in 2011. He has a Ph.D. in Computer Science from Stanford University and a Bachelor’s Degree in Computer Science and Engineering from the Indian Institute of Technology (IIT), Bombay.

As the CTO of the company, he is said to have led work to boost development velocity while taking forward the application of machine learning across the social media platform.

Agrawal said: “I look forward to building on everything we have accomplished under Jack’s leadership and I am incredibly energised by the opportunities ahead.

“By continuing to improve our execution, we will deliver tremendous value for our customers and shareholders as we reshape the future of public conversation.”

Twitter has also named Bret Taylor as the new chairman of its board. He will take over from Patrick Pichette who will stay on the board and continue as chair of the audit committee.

Last month, the social media company signed an all-cash deal worth $1.05bn to sell monetisation solutions provider MoPub to AppLovin, a US-based marketing software company.