What happened: Twitter Inc Chief Executive Officer Jack Dorsey is stepping down, and Chief Technology Officer Parag Agrawal will take over as his replacement. The company made the announcement on Monday. Details: Dorsey’s departure marks the end of his second stint as Twitter’s CEO, and it comes at a time when the social networking site is making headlines for its renewed pace of product launches, following years of criticism that the site had fallen behind larger rivals like Facebook and new social media apps like TikTok in terms of innovation. More: Jack is stepping down now because he says he has confidence in his successor, and he plans to concentrate on his payments processing company Square Inc as well as other interests such as philanthropy.