- Jack Dorsey wrote a letter to employees detailing his resignation as CEO of Twitter.
- He cited the importance of keeping companies away from the influence or direction of their founder.
- “I want you all to know it was my decision and I take it,” Dorsey wrote. “It was difficult for me.”
Jack Dorsey and Twitter announced Monday that the founder is stepping down as CEO of the company, effective immediately.
CTO Parag Agrawal, who has been with the company for over a decade, will replace him as CEO.
Shortly after the news was reported by CNBC on Monday morning, Dorsey tweeted a screenshot of an email he sent to employees detailing his resignation.
“I’m not sure anyone heard it, but I quit Twitter,” Dorsey tweeted.
—Jack⚡️ (@jack) November 29, 2021
Dorsey pointed out what he said were the limitations of a company run by a founder.
“I think it’s essential that a business can fend for itself, free from the influence or direction of its founder,” Dorsey said in the email.
He also cited his trust in Agrawal to lead the business. The board of directors unanimously appointed him and Dorsey said Agrawal was behind “every critical decision that has helped turn the company around.”
Read Dorsey’s full letter below:
After almost 16 years in our company… ..from co-founder to CEO to president to executive chairman to interim CEO to CEO… I decided it was finally time for me to leave. Why?
There is a lot of talk about how important it is for a company to be “run by its founder”. Ultimately I think it’s severely limiting and it’s just one point of failure. I worked hard so that this company could break with its founder and its founders. There are 3 reasons why I think the time is right.
The first is that Parag becomes our CEO. The board of directors conducted a rigorous process considering all the options and unanimously nominated Parag. He has been my choice for some time given how deeply he understands the business and its needs. Parag has been at the origin of every critical decision that has helped turn this business around. He is curious, in-depth, rational, creative, demanding, self-aware and humble. He leads with heart and soul, and he’s someone I learn with every day. My confidence in him as CEO runs deep.
The second is that Bret Taylor agrees to become our chairman of the board, I asked Bret to join our board when I became CEO, and he’s been excellent in every way. He understands entrepreneurship, risk taking, large scale business, technology, product, and he is an engineer. All the things the board and the company deserve right now. Having Bret in this leadership role gives me a lot of confidence in the strength of our board going forward. You can’t imagine how much that makes me happy!
The third is all of you. We have a lot of ambition and potential in this team. Consider this: Parag started here as an engineer who cared deeply about our work and now he is our CEO (I had a similar path as well … he did it better!). That alone makes me proud. I know Parag will know how to channel this energy better because he has lived it and knows what it takes. You all have the potential to change the course of this business for the better. I believe it with all my heart!
Parag is CEO as of today. I will serve on the Board of Directors throughout my tenure (in May) to help Parag and Bret with the transition. And after that … I’ll quit the board. Why not stay or become president? I think it’s really important to give Parag the space he needs to lead. And coming back to my previous point, I think it’s essential that a business can stand on its own feet, free from the influence or direction of its founder.
I want you all to know it was my decision and I take it for granted. It was hard for me, of course. I love this service and this company… and all of you so much. I am really sad… but really happy. There aren’t many companies that reach this level. And there aren’t many founders who choose their business over their own egos. I know we will prove it was the right decision.
We will have a general meeting tomorrow at 9:05 am PT to discuss all of this. Until then, thank you all for the trust you have placed in me and for the open-mindedness which has made it possible to build this trust in Parag and in yourselves. I love you all.
PS I’m tweeting this email. My only wish is that Twitter Inc will be the most transparent company in the world. Hi Mom!