Twitter Stock Rises after CEO Jack Dorsey Steps Down handing over power to Parag Agrawal.

Jack Dorsey & Parag Agrawal. GETTY IMAGES.

UPDATED with official confirmation. Twitter CEO Jack Dorsey is stepping down from the exec post but will remain a board member at the social media firm until 2022.

Parag Agrawal, Twitter’s chief technology officer, was named Dorsey’s successor. A Twitter staffer for more than a decade, he has been CTO since 2017.

The change at the top, which had been reported earlier this morning by CNBC and The New York Times, was confirmed in a press release. In addition to the CEO shuffle, Bret Taylor was named chairman of the board, succeeding Patrick Pichette, who will remain a member of the board and chair of its audit committee.

“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said. “My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead.”

Dorsey has been CEO of both Twitter and Square, his digital payments firm. Maintaining both roles has drawn criticism from some investors and company observers.

Taylor, on behalf of the board, thanked Dorsey for his “visionary leadership and unrelenting dedication to Twitter since its founding.” He noted Dorsey’s return to the company as CEO in 2015, whereupon he “turned the company around at the most critical time. The progress since then has been nothing short of incredible. Jack has given the world something invaluable and we will continue to carry it forward.”

Agrawal has the board’s “utmost confidence,” Taylor added.

“I want to thank the board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership,” said Agrawal. “I look forward to building on everything we have accomplished under Jack’s leadership and I am incredibly energized by the opportunities ahead.”

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