Written by Greg Romiliotis

November 29 (Reuters) – CEO of the social network Twitter, Jack Dorsey, to step down A person familiar with the situation told Reuters on Monday that his successor was already planned.

The company’s board of directors was preparing Bye bye Dorsey The source said since last year.

The news comes at a time when Twitter has accelerated the pace of product innovation over the past year, to compete with social media rivals such as Facebook Inc and TikTok, and to meet its goal of doubling annual revenue by 2023.

Twitter could not immediately be reached for comment on the situation.

Micro messaging platform actions rose 9% At the start of trading, digital payments company Square Inc, of which Dorsey is CEO, posted a profit of 3%.

In his last tweet on November 28, Dorsey wrote: “I love Twitter.” The number of “likes” on that tweet exceeded 54,000 on Monday.

Financial news channel CNBC was the first to report Dorsey’s departure.

pressure

In early 2020, Dorsey faced requests from Elliott Management Corp. to resign, following a hedge fund He argued that he didn’t pay much attention to Twitter while he was also running the payment processing company Square Inc.

Dorsey defended himself against this pressure by giving Elliott and his ally, buyout firm Silver Lake Partners, positions on Twitter’s board of directors.

(Reporting by Greg Rumiliotis in New York and Subrat Patnaik in Bengaluru; Editing in Spanish by Javier Lopez de Lerida and Carlos Serrano)

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