Twitter announced on Monday that its Chief Executive Officer Jack Dorsey will step down from his role and Chief Technology Officer Parag Agrawal will become his successor.
Dorsey’s departure marks the end of his second CEO stint at the social networking site, and he leaves at a time when Twitter has made headlines for its renewed pace of product launches after years of criticism that the site had fallen behind larger rivals like Facebook and new social media apps such as TikTok in innovation.
Despite the quickened pace of new features, shares of Twitter have slumped in recent months, adding pressure on Dorsey to end his unusual arrangement of being CEO of two companies.
In his latest tweet on Nov. 28, Dorsey said: “I love twitter.” The “likes” on that tweet surged to more than 60,000 on Monday.
Dorsey co-founded Twitter in 2006 and became CEO the following year.