Twitter: Dorsey leaves - CTO becomes CEO

(CercleFinance.com) - On Monday Twitter announced the departure of its chief executive Jack Dorsey, who will be replaced with immediate effect by Parag Agrawal, the social media company's current chief technology officer.


In a statement, the micro-blogging site said that Dorsey, the group's founder, will continue to serve on the board of directors until the end of his term of office, which is expected next year.

Parag's work with Twitter over the past 10 years was hailed by the outgoing CEO, adding that his work over this period has transformed the company.

Twitter also took the opportunity to appoint a new chairman of the board - Bret Taylor - who will replace Patrick Pichette, again with immediate effect.

Having been suspended from trading on Monday pending the announcement, the stock ended trading down almost 3%.


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