Indian-origin technology executive Parag Agrawal has been appointed as the new CEO of Twitter after the social media giant’s co-founder Jack Dorsey stepped down on Monday.In a message posted on Twitter, Dorsey said After almost 16 years of having a role at our company… from co-founder to CEO to Chair to Exec Chair to interim-CEO to CEO… I decided it's finally time for me to leave. Why? There's a lot of talk about the importance of a company being 'founder-led'
Ultimately, I believe that's severely limiting and a single point of failure. I've worked hard to ensure this company can break away from its founding and founders, he said. Agrawal, an IIT Bombay and Stanford alumnus, said in a note posted on Twitter that he is “honored and humbled on his appointment and expressed gratitude to Dorsey’s continued mentorship and your friendship. Dorsey said that there are three reasons he believes now is the right time.