Why Jack Dorsey resigned from the Twitter 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
Jack Dorsey passed the CEO baton in November to Parag Agarwal, an Indian-origin engineer who was the CTO earlier. At that time, Twitter stated that Dorsey would continue to be a board member till his term expires at the 2022 meeting of stockholders.
Dorsey did not stand for re-election at the company's annual shareholders' meeting, reports Bloomberg.
"I've chosen to leave Twitter because I believe it's the right time for the company to move on from its founders," he said. "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 added.
There was speculation of Dorsey rejoining the microblogging company following Tesla owner Elon 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.