Jack Dorsey, the CEO of social media giant Twitter, is stepping down, the company said on Monday.
The board of directors, which has been planning for Dorsey’s exit since last year, has unanimously named existing CTO Parag Agrawal as his replacement.
Dorsey has been the CEO of Twitter since 2015, guiding the firm through a tumultuous but mostly successful period. Twitter has been rapidly releasing new products and services over the last few years. While not all of them have been a success, they have signalled a shift toward a significantly more agile firm that can react to the needs of its users.