SAN FRANCISCO, Nov. 29, 2021 /PRNewswire/ -- Twitter, Inc.
(NYSE: TWTR) today announced that Jack
Dorsey has decided to step down as Chief Executive Officer
and that the Board of Directors has unanimously appointed
Parag Agrawal as CEO and a member of
the Board, effective immediately. Dorsey will remain a member of
the Board until his term expires at the 2022 meeting of
stockholders. Bret Taylor was named
the new Chairman of the Board, succeeding Patrick Pichette who will remain on the Board
and continue to serve as chair of the Audit Committee. Agrawal has
been with Twitter for more than a decade and has served as Chief
Technology Officer since 2017.
"I've decided to leave Twitter because I believe the company is
ready to move on from its founders. My trust in Parag as Twitter's
CEO is deep. His work over the past 10 years has been
transformational. I'm deeply grateful for his skill, heart, and
soul. It's his time to lead," said Dorsey.
Bret Taylor, Twitter's incoming
Independent Board Chair said, "On behalf of the Board, I want to
thank Jack for his visionary leadership and unrelenting dedication
to Twitter since its founding. Jack returned to Twitter and turned
the Company around at the most critical time. The progress since
then has been nothing short of incredible. Jack has given the world
something invaluable and we will continue to carry it forward."
Taylor noted, "Parag understands Twitter and appreciates the
Company's unique potential. He has been instrumental in tackling
our most important priorities, including accelerating our
development velocity, and I know he'll hit the ground running to
strengthen execution and deliver results. The Board has the utmost
confidence in Parag."
"I want to thank the Board for their confidence in my leadership
and Jack for his continued mentorship, support, and partnership,"
said Agrawal. "I look forward to building on everything we have
accomplished under Jack's leadership and I am incredibly energized
by the opportunities ahead. By continuing to improve our execution,
we will deliver tremendous value for our customers and shareholders
as we reshape the future of public conversation."
In addition to Agrawal's appointment to the Board, the Company
announced that Bret Taylor, a member
of the Twitter Board since 2016, has been named Independent Chair
of the Board, effective immediately. Taylor succeeds Patrick Pichette, who will remain a member of
the Board and continue to serve as chair of the Audit Committee.
Taylor has significant leadership experience in the technology
sector, overseeing strategy and technology development, and
currently serves as the President and Chief Operating Officer of
There are no changes to the Company's previously shared outlook
for the fourth quarter and full year 2021, or its 2023 goals.
The Company will participate in the Barclays Global Technology,
Media and Telecommunications Conference on December 7, 2021 at 9:05
a.m. PT. Parag will join the previously announced virtual
fireside chat with Ned Segal, CFO. A
live webcast and replay will be available on Twitter's Investor
Relations website at investor.twitterinc.com.
About Parag Agrawal
Parag Agrawal joined Twitter in
2011 and has served as Chief Technology Officer (CTO) since
October 2017. As CTO, he has been
responsible for the Company's technical strategy, leading work to
improve development velocity while advancing the state of Machine
Learning across the company. Prior to being appointed CTO, Parag
had risen to be Twitter's first Distinguished Engineer due to his
work across revenue and consumer engineering, including his impact
on the re-acceleration of audience growth in 2016 and 2017. Parag
holds a Ph.D. in Computer Science from Stanford University and a Bachelor's Degree in
Computer Science and Engineering from the Indian Institute of Technology, Bombay.
About Twitter, Inc. (NYSE: TWTR)
Twitter (NYSE: TWTR) is what's happening and what people are
talking about right now. To learn more, visit about.twitter.com and
follow @Twitter. Let's talk.
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements generally relate to future events or Twitter's future
financial or operating performance. In some cases, you can identify
forward-looking statements because they contain words such as
"may," "will," "should," "expects," "plans," "anticipates," "going
to," "could," "intends," "target," "projects," "contemplates,"
"believes," "estimates," "predicts," "potential," or "continue," or
the negative of these words or other similar terms or expressions
that concern Twitter's expectations, strategy, priorities, plans,
or intentions. Forward-looking statements in this press release
include, but are not limited to, statements regarding Twitter's
future financial and operating goals and performance, it's products
and priorities and customer and shareholder value. Twitter's
expectations and beliefs regarding these matters may not
materialize, and actual results in future periods are subject to
risks and uncertainties, including changes in our plans or
assumptions, that could cause actual results to differ materially
from those projected. These risks include the possibility that: the
COVID-19 pandemic and related impacts will continue to adversely
impact our business, financial condition, and operating results and
the achievement of our strategic objectives, as well as the markets
in which we operate and worldwide and regional economies; Twitter's
total accounts and engagement do not grow or decline; Twitter's
strategies, priorities, or plans take longer to execute than
anticipated; Twitter's new products and product features do not
meet expectations or fail to drive mDAU growth; advertisers
continue to reduce or discontinue their spending on Twitter; data
partners reduce or discontinue their purchases of data licenses
from Twitter; Twitter experiences expenses that exceed its
expectations; and Twitter's expectations regarding its divestiture
do not materialize. The forward-looking statements contained in
this press release are also subject to other risks and
uncertainties, including those more fully described in Twitter's
Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and Twitter's Quarterly Report
on Form 10-Q for the fiscal quarter ended September 30, 2021, each filed with the
Securities and Exchange Commission. The forward-looking statements
in this press release are based on information available to Twitter
as of the date hereof, and Twitter disclaims any obligation to
update any forward-looking statements, except as required by
SOURCE Twitter, Inc.