This week started with an announcement that rocked the social media world. Jack Dorsey, one of the founders of Twitter (NYSE:TWTR), said he was stepping down as CEO. Parag Agrawal, who has served as CTO at Twitter since 2017, will take his place. Agrawal’s experience in the business spans over a decade.
Dorsey said this morning he was resigning because he believed the company was “ready to leave its founders”. While this news was not unexpected, it nonetheless sent TWTR’s stock into a frenzy as the New York Stock Exchange issued a trade halt. This decision was short-lived, lasting only until 11:00 a.m. Eastern Time. As of this writing, stocks are down 1.5% for the day and showing no immediate signs of a rebound.
Who is this character at the head of one of the biggest names in social networks? Let’s take an in-depth look at Parag Agrawal.
The Newest Social Media Leader: What You Need To Know About Parag Agrawal
- Agrawal first joined the Twitter team in 2011. According to his LinkedIn profile, he started as a Distinguished Software Engineer before being promoted to CTO in October 2017.
- After completing his undergraduate studies at the Indian Institute of Technology (IIT) in Bombay, Agrawal obtained a doctorate. from Stanford University. Both of her degrees are in computer science, although her first cycle also includes a specialization in engineering.
- While at Stanford, Agrawal was part of the research team of Microsoft (NASDAQ:MSFT), who returned to the company three years later. He was also on the research teams of Yahoo and AT&T (NYSE:T).
- In a letter sent to the company, Dorsey Noted that Agrawal was his first choice for the role, saying his successor had “been the originator of every critical decision” that helped topple Twitter. Dorsey also said Agrawal understands the needs of the business.
- Dorsey also noted that his decision not to stay on Twitter’s board after his term expires in spring 2022 stems from his desire to give the new CEO the space he needs to lead. Selling power (NYSE:CRM) President and Chief Operating Officer Bret Taylor will chair the Board of Directors.
- In his previous years at Twitter, much of Agrawal’s work focused on the technical strategy of the company. He was also recognized for his work using artificial intelligence “to increase the relevance of tweets on Twitter timelines”. His work has focused on teams of companies operating in the areas of consumption, income and science.
- Agrawal is also interested in web3 technology. During his final years at Twitter, he was a leader in the company’s Bluesky effort in its mission to create an “open and decentralized standard for social media.” A noted Bitcoin (CCC:BTC-USD), Dorsey discussed plans to create a decentralized cryptocurrency exchange last August, which would operate as a division of Square (NYSE:SQ), the digital payment company of which he still serves as CEO.
- While it’s not clear what the new CEO’s plans are for the future of Twitter in regards to Web3 and DeFi technology, it’s clear that Parag Agrawal is well positioned to lead the company into a future where two are of paramount importance to the technology sector.
At the date of publication, Samuel O’Brient had (directly or indirectly) no position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to the InvestorPlace.com Publication guidelines.
Article printed by InvestorPlace Media, https://investorplace.com/2021/11/who-is-parag-agrawal-8-things-to-know-about-twitters-new-ceo/.
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