# Twitter CEO Jack Dorsey to step down – source
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-11-29
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Twitter CEO Jack Dorsey to step down amid product
Meta Description: Twitter CEO Jack Dorsey is set to leave his role, with a successor in line. Company's focus on innovation to compete with rivals boosts shares.
URL: https://financedigest.com/twitter-ceo-jack-dorsey-to-step-down-sourcehtml

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By Greg Roumeliotis

(Reuters) -Twitter Inc Chief Executive Officer Jack Dorsey will step down from his role and a successor has been lined up, a person familiar with the matter told Reuters.

The company’s board has been preparing for Dorsey’s departure since last year, the source said.

The news comes as Twitter has accelerated the pace of its product innovation over the past year to compete with social media rivals such as Facebook Inc and TikTok, and to [reach its goal](https://www.financedigest.com/renault-to-reach-its-goal-on-integrated-electric-vehicles-chain-before-2030-ceo.html "Renault to reach its goal on integrated electric vehicles chain before 2030 -CEO") of doubling annual revenue by 2023.

[Twitter was not immediately available](https://www.financedigest.com/safe-smart-twitter-for-finance-now-available-on-the-move.html "Safe, Smart Twitter for Finance now available on the move") for comment.

Shares of the microblogging platform surged 9% in early trading, while those of [digital payments](https://www.financedigest.com/italys-nexi-signs-digital-payments-deal-with-tims-olivetti.html "Italy’s Nexi signs digital payments deal with TIM’s Olivetti") firm Square Inc, of which Dorsey is also chief executive, were up 3%.

Trading in the [shares was then suspended ahead](https://www.financedigest.com/asian-shares-rise-dollar-dips-ahead-of-fed-policy-decision.html "Asian shares rise, dollar dips ahead of Fed policy decision") of an expected announcement.

In his latest tweet on Nov. 28, Dorsey said https://twitter.com/jack/status/1464865985471471616: “I love twitter”. The “likes” on that tweet surged to more than 54,000 on Monday.

CNBC was first to report Dorsey’s move.

In early 2020 https://reut.rs/3E6Nfvh, Dorsey faced calls from Elliott Management Corp to step down, after the [hedge fund](https://www.financedigest.com/hedge-funds-suffer-big-outflows-in-q2-data.html "Hedge funds suffer big outflows in Q2 – data") argued THAT he was paying too little attention to Twitter while also running payments processing company Square Inc.

Dorsey fended off the pressure by giving Elliott and its ally, buyout [firm Silver Lake Partners](https://www.financedigest.com/exclusive-crypto-giant-binance-moved-400-million-from-u-s-partner-to-firm-managed-by-ceo-zhao.html "Exclusive-Crypto giant Binance moved 0 million from U.S. partner to firm managed by CEO Zhao"), seats on Twitter’s board.

(Reporting by Greg Roumeliotis in New York and Subrat Patnaik in Bengaluru; Editing by Shinjini Ganguli and David Clarke)


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