Twitter CEO Jack Dorsey steps down, Parag Agrawal appointed successor

Washington, Nov 29: Co-founder Jack Dorsey will step down as the company's chief executive. Parag Agarwal is all set to succeed Jack Dorsey as Twitter CEO.

CNBC first reported that Dorsey may step down soon, citing anonymous sources.

"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," Dorsey said in a statement.

Twitter Inc. did not immediately respond to a request for comment from The Associated Press early Monday.

Dorsey is also the top executive at Square, a financial payments company that he founded, and some big investors have openly questioned whether he can be effective leading both.