Jack Dorsey has stepped down as Twitter's CEO, handing up the reins to Parag Agrawal, a relatively unknown businessman.
Agrawal, who has been with the firm for ten years and most recently served as chief technology officer, has risen from the shadows to take over one of Silicon Valley's most high-profile and politically charged positions. But who is he and what can we expect from Twitter now that he is in charge?
A 37-year-old Indian immigrant, Agrawal joins the ranks of celebrity CEOs that include the guy he'll be succeeding, as well as Mark Zuckerberg of Facebook and Elon Musk of Tesla. However, his lack of celebrity, combined with a strong technical background, appears to be exactly what some of Twitter's most ardent supporters were hoping for in the company's next chapter.
According to CFRA Research analyst Angelo Zino, who highlighted that Twitter shareholder Elliott Management had pressed Dorsey to stand down, Agrawal is a "'safe' option who should be looked upon positively by investors."
That implies, according to analysts, we can anticipate more of the same from him in terms of policy and corporate direction, including intentions to keep Twitter's previous goal of doubling annual income by 2023 and focusing on its long-term desire to rebuild how social media firms work.
In an email to staff, Agrawal stated, "We just modified our strategy to accomplish ambitious targets, and I consider that plan to be bold and right." "However, how we strive to execute on it and generate outcomes is our essential task."
The company is now dealing with a number of issues, including poor user growth as competitors such as TikTok and Instagram entice younger demographics away, as well as ongoing issues with disinformation and hate speech.
According to Jill Wilson, the chief marketing officer for Esquire Digital, Agrawal is anticipated to continue up where Dorsey left off, continuing to fight for consumers who are being drawn away by competitors like TikTok and Instagram.
"In terms of maintaining Twitter relevant and attracting daily users, as well as monetizing the network in general," she added, "Agrawal has his job cut out for him."
Dorsey, who co-founded Twitter in 2006, led the business through a high-profile breach and the contentious banning of Donald Trump, who pushed the platform's hate speech and disinformation policing to its limits.
Those issues have persisted beyond Trump's administration, and Agrawal is stepping into the spotlight over Twitter's hate speech and misinformation moderation rules, for which Dorsey has been chastised in recent years.
"The new CEO will have to figure out how to prevent his platform from being routinely and persistently hijacked to skew the news narrative, manufacture phoney popularity and influence, and give a warped view on the world," said Imran Ahmed, CEO of the Center for Countering Digital Hate.
According to Reuters, Dorsey has been acting as CEO of both the social networking platform and his payments processing startup Square at the same time, but will now concentrate on Square as well as other interests such as charity.
Dorsey announced his decision to stand down in an email to staff on Monday, citing the strength of Agrawal's leadership, the appointment of Bret Taylor, the Salesforce chief operating officer, as the next chairman of the board, and his belief in the "ambition and potential" of Twitter's employees.
He wrote, "I'm really sad... yet really happy." "Not many firms reach this level," he said, adding that his choice to stand down was "my decision and I own it."
Over the last year, Twitter has pushed to put a stop to years of criticism that it was reluctant to provide new services for its 211 million daily users and was losing ground to social media competitors.
Twitter purchased the email newsletter service Revue and debuted Spaces, a feature that allows users to host or listen to live audio discussions, under Dorsey's leadership.
In an email to workers on Monday, Dorsey announced his intention to step down, noting the strength of Agrawal's leadership, the selection of Bret Taylor, the Salesforce chief operating officer, as the next chairman of the board, and his conviction in Twitter's employees' "ambition and potential."
"I'm extremely sad... yet really thrilled," he wrote. "Not many companies get to this level," he remarked, adding that his decision to retire was "my decision and I own it."
Twitter has worked hard over the last year to dispel years of criticism that it was hesitant to give new features to its 211 million daily users and was losing momentum to social media competitors.
Under Dorsey's leadership, Twitter bought the email newsletter service Revue and released Spaces, a feature that allows users to hold or listen to live audio chats.
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