By Marc Lallanilla, CNN
Jack Dorsey, the CEO of Twitter, has stepped down as the company’s chief executive officer, the social media company said Friday.
The company named Krishnan Subramanian to the CEO post, reporting to co-founder Dorsey.
Dorsey will remain the executive chairman of Twitter’s board, it said.
What Twitter said
In a statement, Dorsey praised Subramanian and said he was “excited” to work with him to lead the company.
“Krish has demonstrated extraordinary talents at scale and we look forward to continuing to rely on his expertise as we build the future of Twitter,” Dorsey said.
Dorsey had been leading Twitter as CEO since 2010, but the company’s stock has been on a downward trend in recent years.
He stepped down as chief operating officer earlier this year, and then seemed to re-enter that role, but changed his mind again.
Twitter’s third-quarter profit and revenue both fell below Wall Street expectations.
Social media reactions
Twitter’s shares were down about 8% in after-hours trading Friday.
Twitter co-founder Jack Dorsey stepping down as CEO to become executive chairman. — Marianne White (@msmwy) December 21, 2018
Google co-founder Sergey Brin had tweeted his support for Jack Dorsey earlier in the day.
Helped started Twitter with Jack and Evan. Jack has done an amazing job building the team. The company is stronger than ever and I’m confident he’s the right person to lead it. — Sergey Brin (@SergeyBrin) December 21, 2018
Tim Cook, CEO of Apple, which works with Twitter on some issues, tweeted that he was “thrilled” for Dorsey to step into the executive chairman role.
“Twitter’s impact is impossible to overestimate and Jack has helped the company reach this point,” Cook wrote.
Maverick Capital, one of Twitter’s largest investors, said in a statement Friday that it supported the company’s decision.
™ & © 2020 Cable News Network, Inc., a Time Warner Company. All rights reserved.