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Parag Agrawal takes over as Twitter CEO

Twitter co-founder Jack Dorsey announced on Monday he's stepped down as the social media platform's CEO, and has been replaced by Parag Agrawal, Twitter's chief technology officer.

Dorsey tweeted that Agrawal, 37, was unanimously appointed to the position by Twitter's board. "He's been my choice for some time given how deeply he understands the company and its needs," Dorsey said. "Parag has been behind every critical decision that helped turn this company around. He's curious, probing, rational, creative, demanding, self-aware, and humble. He leads with heart and soul, and is someone I learn from daily. My trust in him as our CEO is bone deep."

Agrawal has been with Twitter for 10 years, starting as an engineer. His tenure began on Monday, and Dorsey said he will stay on Twitter's board through May to help Agrawal through the transition. Dorsey didn't go into detail regarding why he decided to step down, only saying "this was my decision and I own it." He added that he loves all of Twitter's employees, and his "one wish is for Twitter Inc. to be the most transparent company in the world."