Twitter CEO Jack Dorsey is due to step down, CNBC reported on Monday, citing sources. Dorsey founded Twitter in 2006.
Twitter CEO Jack Dorsey becoming a billionaire technology entrepreneur and the Chief Executive Officer will step down from his role and a successor has been lined up, a person familiar with the matter.
It is no surprise as the company’s board has been preparing for Dorsey’s departure since last year, the source said. The news comes as Twitter has quickened the pace of its product innovation over the past year to compete with social media rivals such as Facebook Inc (FB.O) and TikTok, and to reach its goal of doubling annual revenue by 2023.
Twitter was not immediately available for comment. Shares of the microblogging platform surged 9% in early trading, while those of digital payments firm Square Inc (SQ.N), of which Dorsey is also chief executive, were up 3%. Trading in the shares was then suspended ahead of an expected announcement.