NEW YORK — Twitter has named Parag Agrawal as its new CEO, according to a report by CNBC.
Co-founder Jack Dorsey will step down as CEO but will remain as a member of the board until his term expires at the 2022 shareholders meeting, according to a report.
Agrawal is Twitter’s chief technology officer.
Nasdaq reportedly has suspended trading in Twitter after the report that Dorsey will step down as the company’s chief executive.
Twitter’s stock, which has consistently underperformed the market, jumped more than 10% at the opening bell Monday before its trading was suspended.
#BREAKING Nasdaq suspends trading in Twitter amid report CEO stepping down pic.twitter.com/SfiWl1CVlk
— AFP News Agency (@AFP) November 29, 2021
CNBC first reported that Dorsey may step down soon, citing anonymous sources.
Twitter Inc. did not immediately respond to a request for comment from The Associated Press.
Dorsey is also the top executive at Square, a financial payments company that he founded, and some big investors have openly questioned whether he can be effective leading both.
