NEW: Twitter names new CEO; Jack Dorsey will step down

Parag Agrawal To Replace Jack Dorsey , As Twitter CEO.Parag Agrawal To Replace Jack Dorsey , As Twitter CEO.On Nov. 29, Twitter announced the company's chief technology officer, Agrawal, will take over for Dorsey, effective immediately.I’ve decided to leave Twitter because I believe the company is ready to move on from its founders, Jack Dorsey, via statement.Dorsey will remain on the board until his term expires in 2022.Bret Taylor, Salesforce president and COO, will take over as chairman of the board.Bret Taylor, Salesforce president and COO, will take over as chairman of the board.According to Dorsey, Agrawal had been his choice to helm the company “for some time given how deeply he understands the company and its needs.”.Twitter is now executing against an ambitious multiyear plan to dramatically increase the company’s reach and value, and we look forward to the next chapter of Twitter’s story, Jesse Cohn, Twitter's managing partner, and Marc Steinberg, senior portfolio manager, via CNBC.Twitter is now executing against an ambitious multiyear plan to dramatically increase the company’s reach and value, and we look forward to the next chapter of Twitter’s story, Jesse Cohn, Twitter's managing partner, and Marc Steinberg, senior portfolio manager, via CNBC.Having gotten to know both incoming Chairman Bret Taylor and incoming CEO Parag Agrawal, we are confident that they are the right leaders for Twitter at this pivotal moment for the company, Jesse Cohn, Twitter's managing partner, and Marc Steinberg, senior portfolio manager, via CNBC.Dorsey remains CEO of digital payments company Square.Dorsey remains CEO of digital payments company Square