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WHAT MODERNA'S CEO SAYS SCIENTISTS ARE TELLING HIM ABOUT THE OMICRON VARIANT





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TWITTER CEO JACK DORSEY TO STEP DOWN AND BE REPLACED BY CTO PARAG AGRAWAL

Last Updated: Nov. 29, 2021 at 5:22 p.m. ET First Published: Nov. 29, 2021 at
9:50 a.m. ET
By

EMILY BARY

  comments


STOCK CLOSES DOWN AFTER INITIAL SURGE

TWITTER’S JACK DORSEY.

AFP/Getty Images
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Twitter Inc. Chief Executive Jack Dorsey will be leaving his post and be
replaced by Parag Agrawal, a longtime veteran of the social-media company who
most recently served as its chief technology officer.

Shares of Twitter TWTR, -2.74% closed down 2.7% Monday after the company
confirmed Dorsey’s plans to step down and disclosed that Agrawal will be taking
over the role, effective immediately. News of Dorsey’s plans to depart was first
reported by CNBC earlier Monday, and shares had been up as much as 11.1%
initially following that report.

“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.”


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Dorsey will stay on Twitter’s board of directors until his term ends at the
company’s 2022 shareholder meeting. Bret Taylor will serve as the new
independent chair of Twitter’s board, which unanimously appointed Agrawal to the
CEO post.

Read: Who is Parag Agrawal? 5 things to know about the new CEO of Twitter

Dorsey took to Twitter to share the email he wrote employees announcing his
departure. “I believe it’s really important to give Parag the space he needs to
lead,” Dorsey said, in addressing why he won’t be staying on the company’s
board.




Agrawal will receive an annual salary of $1 million and he will continue to be
eligible for Twitter’s executive bonus plan, with a new target bonus of 150% of
his base salary, according to a filing with the Securities and Exchange
Commission. Agrawal will also receive restricted stock units with a $12.5
million face value.

Shares of Square Inc. SQ, +0.37% rose as much as 4% Monday but gave back most of
their gains and ended the day up 0.3%. Dorsey also serves as the CEO of Square.

Twitter has been the subject of attention from activist investor Elliott
Investment Management, which owns 1.25% of Twitter’s shares outstanding,
according to data from FactSet. Twitter announced in March 2020 that it had
reached an agreement with Elliott to buy back $2 billion of its shares, in an
arrangement that was partially funded by an investment from private-equity firm
Silver Lake.

“Twitter is now executing against an ambitious multi-year plan to dramatically
increase the company’s reach and value, and we look forward to the next chapter
of Twitter’s story,” Elliott Managing Partner Jesse Cohn and Senior Portfolio
Manager Marc Steinberg said in a statement Monday. “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.”

Twitter shares have declined 27.8% over the past three months as the S&P 500
SPX, +1.32% has risen 3.3%.


READ NEXT


READ NEXT


BARRON'S: MODERNA STOCK IS SPIKING. AN OMICRON BOOSTER COULD BE READY FAST.

The vaccine maker says a reformulated vaccine to tackle the Omicron variant
could be ready in early 2022.


MORE ON MARKETWATCH

 * Barron's: Tesla’s ‘Giga Press’ Is Almost Operational. The Stock Is Jumping.
 * Merck stock dives after Citi downgrades on ‘high probability’ that HIV
   treatment will be abandoned
 * Who is Parag Agrawal? 5 things to know about the new CEO of Twitter
 * What’s worth streaming in December 2021: ‘The Witcher,’ ‘Book of Boba Fett,’
   ‘Matrix: Resurrections’ and more


ABOUT THE AUTHOR

Emily Bary


Emily Bary is a MarketWatch reporter based in New York.


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