“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement.
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“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.”
The company’s board had been preparing for Dorsey’s departure since last year,Reuters reported.
Twitter shares surged 9 per cent in early trading,while those of digital payments firm Square,which is also helmed by Dorsey,were up 3 per cent. Trading was then suspended ahead of the announcement.
Bret Taylor,Twitter’s incoming chair,described Dorsey’s leadership as visionary. “Jack has given the world something invaluable and we will continue to carry it forward,” he said.