Twitter CEO Jack Dorsey testifies remotely at a hearing to discuss reforming Section 230 of the Communications Decency Act with big tech companies on October 28 in Washington. File Photo by Greg Nash/UPI | License Photo
Nov. 29 (UPI) -- Jack Dorsey announced his resignation as CEO of Twitter on Monday. He will be replaced by Parag Agrawal effective immediately.
Dorsey, 45, announced his resignation in an email to employees which he later posted to the platform he co-founded in 2006.
"I want you all to know that this was my decision and I won it. It was a tough one for me, of course, I love this service and company ... and all of you so much," Dorsey wrote.
"I'm really sad ... yet really happy. There aren't many companies that get to this level. And there aren't many founders that choose their company over their own egos."
Dorsey said he would continue to serve on the company's board until the end of his term around May 2022 to help the company transition.
In his letter, Dorsey derided the emphasis on companies being "founder-led" and called it "severely limiting" and a "single point of failure" for firms.
Dorsey also outlined his reasons for deciding to leave Twitter, primarily his "trust" in Agrawal as his replacement. Agrawal joined the company in 2011 as an engineer and has served as the company's Chief Technology Officer since 2017.
"The board ran a rigorous process considering all options and unanimously appointed Parag. He's been my choice for some time given how deeply he understands the company and its needs," Dorsey wrote. "My trust in him as our CEO is bone-deep."
The tech boss also praised board chairman Bret Taylor, whom Dorsey had asked to join the board when he became CEO.
"Having Bret in this role gives me a lot of confidence in the strength of our board going forward," Dorsey wrote.
Agrawal shared the news with a message of "gratitude" toward his predecessor in the role.
"Thank you, Jack. I'm honored and humbled. And I'm grateful for your continued mentorship and your friendship," Agrawal wrote in his email to the company.
Agrawal noted that he joined the social media giant when the company had fewer than 1,000 employees.
"While it was a decade ago, those days feel like yesterday to me. I've walked in your shoes, I've seen the ups and downs, the challenges and obstacles, the wins and the mistakes," he wrote.
"But then and now, above all else, I see Twitter's incredible impact, our continued progress and the exciting opportunities ahead of us."
Dorsey has been a controversial figure in Twitter's history. He was forced out by the company's board in 2008 -- just two years after co-founding it after he was deemed unfit to lead, according to The Verge.
The following year, Dorsey founded the mobile payment company Square and served as the company's CEO simultaneously with Twitter after returning to the social media company in 2015. Dorsey will continue to serve as the CEO of Square.