In a significant development, former Twitter CEO Jack Dorsey has stepped down from the board of the micro-blogging site.
Dorsey’s exit has come at a time when Tesla & SpaceX CEO Elon Musk is in the midst of taking over Twitter for $44billion.
The announcement came on Wednesday –the same day that the company held its annual shareholder meeting.
Dorsey, who co-founded the social network in 2006, has been a director since 2007 and was the most recently CEO from mid-2015 until his resignation last year. He had handed over the role to India’s Parag Agrawal.
“After almost 16 years of having a role at our company, from co-founder to CEO to Chair to Exec Chair to Interim CEO to CEO, I decided it is finally time for me to leave. I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey had said about his resignation in an email to his employees.
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