In an interesting development, India-born Parag Agrawal replaced Twitter cofounder Jack Dorsey as the chief executive officer of the San Francisco-headquartered microblogging platform.
The company on Monday said that Jack Dorsey stepped down after 16 years at the helm of the platform. After the announcement, shares of the social media giant closed down 2.74% on the day.
Agrawal, an IIT-Bombay and Stanford University alumnus, was the chief technology officer of the microblogging platform before the promotion.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement. The 45-year-old billionaire was serving as both the CEO of Twitter and Square, his digital payments company.
Agrawal has been with Twitter for more than a decade. He will join the league of several India-born executives such as Google’s Sundar Pichai, IBM’s Arvind Krishna, and Microsoft’s Satya Nadella, to helm large US technology firms.