Twitter CEO Jack Dorsey hands reins to technology chief Agrawal

FILE PHOTO: Twitter CEO Jack Dorsey testifies during a remote video hearing held by subcommittees of the U.S. House of Representatives Energy and Commerce Committee on "Social Media's Role in Promoting Extremism and Misinformation" in Washington, U.S., March 25, 2021. U.S. House of Representatives Energy and Commerce Committee/Handout via Reuters

(Reuters) - Twitter Inc Chief Executive Officer Jack Dorsey is stepping down from his role and Chief Technology Officer Parag Agrawal will now lead the company, the social networking site announced on Monday.

The appointment of Agrawal, a 10-year veteran of Twitter, signaled a tacit endorsement by the board of a strategy the company previously laid out to double its annual revenue by 2023, even if investors were not so sure.