Home India Meet the new CEO of Twitter, The IIT Bombay graduate Parag Agrawal

Meet the new CEO of Twitter, The IIT Bombay graduate Parag Agrawal

Meet the new CEO of Twitter, The IIT Bombay graduate Parag Agrawal

Jack Dorsey, Twitter’s co-founder and CEO, announced his resignation. The position will be filled by Parag Agrawal, the company’s Chief Technology Officer. Dorsey will remain on the board until the end of his term in 2022. Dorsey will continue to serve on Twitter’s board of directors until his term expires in 2022. The change takes effect immediately, though he will remain on the company’s board of directors for the time being.

Key Highlight:

  • Jack Dorsey, Twitter’s co-founder and CEO, announced his resignation on Monday.
  • The position will be filled by Parag Agrawal, the company’s Chief Technology Officer.
  • Dorsey will remain on the board until the end of his term in 2022.
  • He is also the founder and CEO of payments company Square Inc. and has recently expressed an interest in cryptocurrencies.
  • He came under fire from activist investor Elliott Management Corp. in 2020 for his time management.
  • He had also started a year earlier than he intended to spend up to six months working in Africa to understand better the continent’s internet users.
  • The hedge fund agreed with Twitter and private equity firm Silver Lake to appoint three new directors to Twitter’s board of directors and establish a committee to review company’s leadership and governance.
  • The deal came with a price: Twitter was required to increase its monetized daily users by 20% or more and accelerate revenue growth.

Jack Dorsey, co-founder and CEO of Twitter Inc., is resigning to make way for Parag Agrawal, the company’s Chief Technology Officer.

Dorsey’s departure is effective immediately, though he will remain on the social media company’s board of directors until his term expires in 2022, Twitter said in a statement Monday.

“I’ve chosen to leave Twitter because I believe the company is ready to transition away from its founders,” Dorsey stated in a statement. “My confidence in Parag as Twitter’s CEO is unwavering. His work over the last decade has had a transformative effect. I’m indebted to him for his ability, heart, and soul. It is now his turn to lead.”

Dorsey, 45, is also the founder and CEO of payments company Square Inc. and has recently expressed an interest in cryptocurrencies. Dorsey stepped down as Twitter’s CEO in 2008 but returned in 2015.

Dorsey came under fire from activist investor Elliott Management Corp. in 2020 for his time management. He had also started a year earlier than he intended to spend up to six months working in Africa to understand better the continent’s internet users. This plan was eventually scrapped due to Covid 19. The hedge fund agreed with Twitter and private equity firm Silver Lake to appoint three new directors to Twitter’s board of directors and establish a committee to review the company’s leadership and governance. Agrawal, who was appointed chief technology officer in 2017, will join the board.

However, the deal came with a price: Twitter was required to increase its monetized daily users by 20% or more and accelerate revenue growth. Dorsey’s position could be jeopardized if those objectives are not met, Bloomberg reported.

In an unexpected and almost abrupt move, Jack Dorsey, Twitter’s co-founder and CEO, announced his resignation, handing over the position to Chief Technology Officer Parag Agrawal, an Indian Institute of Technology Bombay alumnus.

Dorsey’s departure is effective immediately, though he will remain on the social media company’s board of directors until his term expires in 2022, Twitter said in a statement on Monday.

“I’ve chosen to leave Twitter because I believe the company is ready to transition away from its founders,” Dorsey stated in a statement. “I have a lot of faith in Parag as Twitter’s CEO. His work over the last decade has had a transformative effect. I’m indebted to him for his ability, heart, and soul. It is now his turn to lead.”

Who is Parag Agrawal

Parag Agrawal joined Twitter in 2011 as an advertising engineer and has been serving as the company’s Chief Technology Officer, or CTO, since October 2017. According to the company, Agrawal was responsible for the company’s technical strategy as CTO, leading efforts to increase development velocity while also advancing the state of Machine Learning across the organization.

“Before he was appointed CTO, Parag was named Twitter’s first Distinguished Engineer for his work in revenue and consumer engineering, which included his contribution to the re-acceleration of audience growth in 2016 and 2017,” Twitter added. Before joining Twitter, he interned at AT&T, Microsoft, and Yahoo.

Agrawal earned a doctorate in computer science from Stanford University and a bachelor’s degree in computer science and engineering from the Indian Institute of Technology in Bombay.

The new CEO expressed on Twitter, “I’m indebted to @jack and the rest of our team, and I’m brimming with excitement for the future. The following is the letter I sent to the company. We appreciate your confidence and support.”

“Most importantly, I’m grateful for you all because you inspire confidence in our future together. I began working for this company ten years ago when it had fewer than 1,000 employees. While it’s been a decade, those days seem like yesterday. I’ve walked in your shoes; I’ve witnessed the highs and lows, the obstacles and challenges, the victories and mistakes. But above all, I see Twitter’s incredible impact, our continued progress, and the exciting opportunities that lie ahead of us, both then and now. “Agrawal stated this in a letter to the Twitter team and Dorsey ahead of tomorrow’s meeting.

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  1. […] Meet the new CEO of Twitter, The IIT Bombay graduate Parag AgrawalJack Dorsey, Twitter’s co-founder and CEO, announced his resignation. The position will be filled by Parag IIT Delhi collaborates with Ambuja Cements and ACC to develop low carbon cementAmbuja Cements, ACC and IIT Delhi will work together as part of a research project financed by Holcim Researchers from IIT Jodhpur and AIIMS Jodhpur develop ‘Talking Gloves’ for the differently-abledDevices that can mimic a person’s voice while they are using them make it appear more authentic. A single IIT Delhi and Business Sweden have joined together to promote clean air and renewable energyProfessor V Ramgopal Rao, Director of the Indian Institute of Technology in Delhi, and Cecilia Oskarsson, T Do you have an idea or invention? IIT Roorkee can fund you to commercializeIIT Roorkee will welcome innovations driven by IoT, robots, drones, AI, and machine learning for incubation IIT Roorkee is focused on enhancing research capacity for sustainable developmentIn the last few months, IIT Roorkee has introduced numerous programs that address national and international IIT Bombay and CESL collaborate to develop EV charging infrastructureThe Indian Institute of Technology Bombay (IITB) and Convergence Energy Services Ltd (CESL) have signed a IIT (BHU) scientists have developed a first-of-its-kind system in India for producing ultra-pure hydrogenFirst-of-its-kind hydrogen production system has been developed by Indian Institute of Technology (BHU) […]

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