Jack Dorsey is expected to step down as CEO of Twitter “in the near term,” according to CNBC’s David Faber, who cited “a number of different people familiar with the situation.” Faber said he doesn’t “know much else” beyond that and wasn’t sure who might be brought in to replace him. The Verge has reached out to Twitter for comment.
Dorsey has been CEO of Twitter since 2015, presiding over a rocky but relatively successful run for the company. During the past couple years, Twitter has started to rapidly roll out new products and features. And while not all of them have been hits, they’ve suggested a transformation into a far more nimble company ready to adapt to its users interests.
Twitter’s board initially didn’t want Dorsey to run the company. Dorsey was — and continues to be — the CEO of Square, and board members felt running Twitter should be a full-time job. But after serving as interim CEO for several months, he eventually won them over. It’s Dorsey’s second stint as CEO, after briefly holding the role in 2007, shortly after founding the company and before being forced out in 2008.
More recently, Elliott Management, a major activist investor, tried to force Dorsey out of the job in 2020, concerned with his performance and Twitter’s growth. Dorsey managed to hang on and appease the shareholder, but it was announced that a group would be formed to “evaluate a succession plan.”
Dorsey has also increasingly turned his attention to tech beyond the core of Twitter. He tweets a lot about Bitcoin, Web3, and other decentralized technologies. Plus, he’s still the CEO of Square. Last night, Dorsey tweeted simply, “I love twitter.”
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