Jack Dorsey stepped down as Twitter’s CEO after 16 years of being associated with the company and was succeeded by Indian-origin Parag Agrawal, a former graduate of IIT Bombay.
Dorsey will remain on the board until his term expires in 2022.
The 45-year-old outgoing CEO expressed faith in his successor, Agrawal, who had joined Twitter in 2011 and was appointed as the company’s CTO in 2017.
Agrawal, before joining Twitter, has been part of top US companies including Yahoo, Microsoft and AT&T Labs. He was briefly associated with the research teams of these firms between 2006 and 2010.
At Twitter, Agrawal was also tasked with finding a leader for Project Bluesky, a research project that the company launched to establish open and decentralised standards for social media platforms.
Twitter’s stocks rose as much as 11% after early news of Dorsey stepping down broke. However, at the time of publishing. the company’s shares were trading 0.42% lower.