Dorsey will now be replaced by the company's Chief Technology Officer (CTO) Parag Agrawal effective immediately. Agrawal was unanimously appointed the CEO by the board, Dorsey said. Earlier in the day, reports had emerged of Dorsey's expected departure.
Context Why does this story matter?
In recent years, Dorsey has been facing heat over struggling to juggle Twitter and Square Inc., a payments company he co-founded in 2009. He has also been facing criticism over hate speech on Twitter from politicians and activists. Incidentally, he had stepped down as Twitter CEO in 2008 only to return in 2015. Lately, he has also taken an interest in cryptocurrencies.
Announcement 'Finally time for me to leave'
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