Parag Agrawal will take over as the new Twitter Chief Executive Officer (CEO) following Monday’s stepping down of co-founder Jack Dorsey from the position.

“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement.

“My trust in Parag as Twitter’s CEO is deep… It’s his time to lead,” Dorseysaid.

Dorsey, who also is chief executive of payments company Square, came under pressure in 2020 from Elliott Management amid concerns he had spread himself too thin by running both companies.

Dorsey will remain a member of the board until his term expires at the 2022 meeting of stockholders.

Dorsey's exit came hours after the disclosure by Nigeria's Minister of State for Labour and Employment, Festus Keyamo, that the social media platform has agreed to all the conditions laid out by the Federal Government regarding its operations in Nigeria.

Keyamo who is also a member of a committee, set up to review the operations of the microblogging platform since its ban in the country, said the committee has made significant progress so far.

“The reason why the president took that step is to recalibrate our relationship with Twitter and not to drive them away from our country,” the minister said on Channels TV’s Sunday Politics.

“That recalibration, we have started it and the President graciously added me to the committee.

“We also set up a technical committee to interface with Twitter and come up with a lot of conditions for them to fulfill for us to lift the suspension.

“It was Twitter that reached out to the Federal Government to say they want to know what and what they can do to straighten up the relationship with the Federal Government and so, we have gone far but I may not, at this forum, let out a lot but we gave them a lot of conditions and they have agreed to all the conditions.”.

Ouster Averted

Twitter in March 2020 made a deal with key investors to end an effort to oust the chief, creating a new committee on the board of directors to keep tabs on company leadership.

Like many Silicon Valley celebrities, from Mark Zuckerberg and Steve Jobs to Bill Gates or Michael Dell, Dorsey dropped out of college, never graduating from either of the universities he attended, one in his native Missouri and the other in New York.

Dorsey is credited with coming up with the idea for Twitter when eventual co-founder Evan Williams gave workers at blogging startup Odeo two weeks to work on fun new projects as a way to break up the daily routine.

He ran Twitter in 2007-2008 but returned as CEO after Dick Costolo resigned in June 2015.

Dorsey was pushed out of the chief chair his first time around, andat the time was said to have made a better engineer than boss, known to leave early for personal pursuits such as sewing or yoga classes.

Twitter’s incoming CEO Agrawaljoined the company in 2011 and has served as chief technology officer sinceOctober 2017, where he was responsible for the network’s technical strategy.

Agrawal holds a PhD in computer science fromStanford Universityand a bachelor’s degree in computer science and engineering from theIndian Institute of Technology inBombay.

Nasdaq briefly suspended trading of Twitter on Monday, citing “news pending,” but the share was up 4.5 percent following the announcement. (Based on reports by AFP and Channels TV)