ST. LOUIS, Mo. – What’s next for former CEO Jack Dorsey after leaving Twitter? The St. Louis native announced he is stepping down today. He also happens to own another successful tech company that recently opened an office with hundreds of employees in downtown St. Louis. But it seems unlikely that he will return to his hometown.
Jack Dorsey is replaced by current Twitter CTO, Parag Agrawal and will remain on the board until his term expires in 2022. Agrawal joined Twitter in 2011 and has been CTO since 2017.
Dorsey has been criticized by investors over his management, especially his decision to simultaneously become CEO of another company he founded, the payments company Square.
St. Louis residents Jim McKelvey and Jack Dorsey founded Square in 2009. They moved the headquarters to the San Francisco Bay Area in 2013.
Square’s newest office is now located in the former Post-Dispatch building in St. Louis. 850 employees began working at the new location this summer. Will Jack Dorsey be one of them?
McKelvey has known Dorsey for over 30 years and they are very friendly. He tells Entrepreneur Quarterly that he will be working out of the St. Louis office when he gets here. The billionaire has several other projects going on in town, such as the nonprofit LaunchCode, Made space and the Third Degree Glass Factory. However, he bought a multi-million dollar Manhattan apartment in 2018.
Dorsey has been active in St. Louis since he moved. He helped clear the dilapidated buildings in his hometown and is active in building the tech community. In 2013, he returned to help small businesses connect with Square. He also returned to the St. Louis area during the Ferguson Marches in 2014.
Computers and communication were a big part of Dorsey’s interests while growing up in St. Louis. He was born in 1976 and attended Bishop DuBourg High School. At the age of 15, he developed a computer program that helped taxi drivers and other vehicle fleets stay in constant communication. The program was used by taxi companies over the following decades.
Dorsey went to Missouri University of Science and Technology, then transferred to New York University. He dropped out of college before graduating. In 2000, he moved to the San Francisco Bay Area to start a business offering his taxi dispatch system through the Internet. The idea eventually became what we know as Twitter, and Dorsey posted her first tweet in 2006.
It is not clear if Dorsey is returning to her hometown to settle. I’m sure it would be more than welcome. Sadly, Dorsey is unlikely to return to Missouri. He has previously expressed interest in running for mayor of New York, among other life goals. He also owns a $ 22 million beachfront home in San Francisco.
Dorsey didn’t hint at what he’ll do next. But, he shared the letter detailing his departure on Twitter:
After almost 16 years in our company, from Co-Founder to CEO to President to Executive Chairman to Interim CEO to CEO, I decided it was finally time for me to leave. Why?
There is a lot of talk about how important it is for a company to be ârun by its founderâ. Ultimately I think it’s severely limiting and it’s just one point of failure. I worked hard so that this company could break with its founder and its founders. There are 3 reasons why I think the time is right.
The first is that Parag becomes our CEO. The board of directors conducted a rigorous process considering all the options and unanimously nominated Parag. He has been my choice for some time given how deeply he understands the business and its needs. Parag has been at the origin of every critical decision that has helped turn this business around. He is curious, in-depth, rational, creative, demanding, self-aware and humble. He leads with heart and soul, and he’s someone I learn with every day. My confidence in him as CEO runs deep.
The second is Bret Taylor who agrees to become our chairman of the board. I asked Bret to join our board when I became CEO, and he’s been excellent in every way. He understands entrepreneurship, risk taking, large scale business, technology, product, and he is an engineer. All the things the board and the company deserve right now. Having Bret in this leadership role gives me a lot of confidence in the strength of our board.
go forward. You can’t imagine how much that makes me happy!
The third is all of you. We have a lot of ambition and potential in this team. Consider this: Parag started here as an engineer who cared deeply about our work and now he is our CEO (I had a similar path as wellâ¦ he did it better!). That alone makes me proud. I know Parag will know how to channel this energy better because he has lived it and knows what it takes. You all have the potential to change the course of this business for the better. I believe it with all my heart!
Parag is CEO as of today. I will serve on the Board of Directors throughout my tenure (in May) to help Parag and Bret with the transition. And after thatâ¦ I’ll quit the board. Why not stay or become president? I think it’s really important to give Parag the space he needs to lead. And coming back to my previous point, I think it’s essential that a business can stand on its own feet, free from the influence or direction of its founder.
I want you all to know it was my decision and I take it for granted. It was hard for me, of course. I love this service and this companyâ¦ and all of you so much. I am really sadâ¦ but really happy. There aren’t many companies that reach this level. And there aren’t many founders who choose their business over their own egos. I know we will prove it was the right decision.
We will have a general meeting tomorrow at 9:05 am PT to discuss all of this. Until then, thank you all for the trust you have placed in me and for the open-mindedness which has made it possible to build this trust in Parag and in yourselves. I love you all.
PS I’m tweeting this email. My only wish is that Twitter Inc will be the most transparent company in the world. Hi Mom!
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