Why former Twitter CEO Jack Dorsey resigned from the company board
- Jack Dorsey resigns from Twitter's board of directors
- He stepped down as the CEO of Twitter last year
- Dorsey did not stand for the re-election of board members
He resigned from the company's board months after stepping down as the CEO of Twitter. Dorsey passed the CEO baton to Parag Agarwal, an Indian-origin engineer who was the CTO earlier.
Last year in November, Dorsey stepped down as Twitter's CEO. At that time, Twitter stated that Dorsey would continue to be a board member till his term expires at the 2022 meeting of stockholders. A report from Bloomberg stated that Dorsey did not stand for re-election at the company's annual shareholders' meeting.
"I've chosen to leave Twitter because I believe it's the right time for the company to move on from its founders. I am sure Parag will do a great job as Twitter's CEO. He has worked very hard in the last ten years. He has talent and passion. It's now his turn to lead," Dorsey stated.
There was speculation of him rejoining the microblogging company following Musk's $44 billion buyout bid. However, Dorsey has categorically stated that he will never again be the CEO of Twitter.
Dorsey's departure as CEO last year surprised many. "There's a lot of talk about how important it is for a company to be founder-led. In the end, I believe that is severely restricting and has chances of failure. I've worked hard to ensure that this company can move away from its founders," he wrote earlier.
With Dorsey's exit from the Twitter board, the company is now "founder-less" since both of Twitter's founders are no longer involved with the microblogging site.