Jack Dorsey has tweeted today he has left the CEO position at Twitter. Parag Agrawal, to date Chief Technology Officer will succeed him taking the lead of the company from today.
Bret Taylor (President and COO at Salesforce) is to become the Chair of Twitter’s Board. Dorsey will stay in the company as member of the Board till next May, till the end of his term.
Dorsey says that this is the time to leave Twitter because the company is ready to get independent from their founders.
“There’s a lot of talk about the importance of a company being ‘founder-led’. Ultimately I believe that’s severely limiting and a single point of failure. I’ve worked hard to ensure this company can break away from its founding and founders.”…”I want you all to know that this was my decision and I own it. It was a tough one for me, of course. I love this service and company…and all of you so much. 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 ego. I know we’ll prove this was the right one.
It seems that investors have received Dorsey’s resignation as a good point for the company. The price of the tech co shares reached a high peak adding a 10% value while rumors of Dorsey’s resignation were still not confirmed. Nasdaq suspended trading of Twitter titles some minutes after the opening of the market.
Surely Dorsey is not getting precisely bored after leaving Twitter in the hands of the announced new leadership team. Some months ago Jack Dorsey, who also is CEO, Chairman and founder of Square) confirmed that Square is developping a physical wallet and service for self-custody of Bitcoins.
Twitter’s adjusted operating marging went down to 2% in Q3 2021 from 6% in the same period 2020
Twitter registered an operating loss of $743 million in Q3 2021, or wht it is the same, an operating margin of -58%. This includes a one-time litigation-related net charge of $766 million, as well as ongoing investments.
Adjusted operating income, which excludes the one-time litigation-related net charge, was $23 million reflecting an adjusted operating margin of 2%.
This compares to operating income of $56 million, representing an operating margin of 6% in the same period of the previous year.
Q3 net loss was $537 million, representing a net margin of -42% and diluted EPS of ($0.67). This compares to a net income of $29 million, a net margin of 3%, and diluted EPS of $0.04 in the same period of the previous year.
The right persons to lead Twitter, says Dorsey
Agrawal is the recommended leader for Twitter and after a rigorous process considering all options the Board of Twitter appointed Agrawal unanimously.
Dorsey points that he thiks that Parag Agrawal is the right person given “how deeply he understands the company and its needs.”
“Parag has been behind every critical decision that helped turn this company around. He is courious, probing, rational, creative, demanding, self-aware, and humble. He leads with heart and soul, and is someone I learn from daily. My trust in him as our CEO is bone deep”, Twitter’s founder added.
About Bret Taylor Dorsey underscores: “I asked Bret to join our Board when I became CEO, and he’s been excellent in every way. He understands entreprenneurship, taking risks, companies at massive scale, technology, product. and he’s an engineer. All of the things the board and the company deserve right now. Having Bret in this leadership role gives me a lot of confidence in the strength of our board going forward. You have no idea how happy this makes me!”.
Image over the headline.- Jack Dorsey (founder of Twitter). Image by Mark Warner through Wikimedia Commons. To watch the original photo and read the terms of the lisense, click here.
Related Eastwind Marketing links:
Square, to develop physical wallet and service for self-custody of Bitcoins, Jack Dorsey confirms