Twitter CEO and co-founder Jack Dorsey is stepping down as the social media firm’s chief executive, and Twitter CTO Parag Agrawal will succeed him as the firm’s new CEO, effective immediately, according to the company.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead,” said Dorsey in a statement, who helped found the firm in 2006, that was released by the firm on Monday.
The San Francisco-based company’s Board of Directors unanimously approved Agrawal, who has been with the firm for more than a decade, to become the company’s new CEO, according to a Twitter news release.
Dorsey, who is also the CEO of payments firm Square, will remain a member of Twitter’s Board of Directors until next year when his term expires, the firm said.