Twitter co-founder Jack Dorsey is stepping down as chief executive of the company.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,”
Dorsey said in a statement, though he didn’t provide any additional detail on why he decided to resign or the reason.
Dorsey, 45, was serving as both the CEO of Twitter and Square, his digital payments company.
Dorsey, who co-founded Twitter in 2006, is leaving after overseeing the launch of new ways to create content through newsletters or audio conversations while simultaneously serving as CEO of his payments processing company Square Inc.
Dorsey will remain a member of the board until his term expires at the 2022 meeting of stockholders, the company said
Salesforce President and COO Bret Taylor will become the chairman of the board, succeeding Patrick Pichette, a former Google executive, who will remain on the board as chair of the audit committee.
Parag Agrawal, the company’s chief technology officer, is taking over as CEO effective immediately.
He will be replaced by the current chief technical officer, Parag Agrawal, Twitter said.
Mr Dorsey, who co-founded Twitter in 2006, has been serving as chief executive of both Twitter and payment firm Square.
"It's finally time for me to leave" he wrote in a statement, saying the company was "ready to move on."
Mr Dorsey said he had "deep" trust in his replacement. "I'm deeply grateful for his skill, heart, and soul. It's his time to lead," he said.
Mr Agrawal joined Twitter in 2011, and has been the firm's head of technology since 2017.