Twitter CEO Jack Dorsey is stepping down from the role with immediate effect. He will be replaced by the company’s current CTO, Parag Agrawal, who has also been appointed to the Board. Dorsey will remain a member of the Board until his term expires at the 2022 meeting of stockholders. 

“Ive decided to leave Twitter because I believe the company is ready to move on from its founders,” said Dorsey. “My trust in Parag as Twitters CEO is deep. His work over the past 10 years has been transformational. Im deeply grateful for his skill, heart, and soul. Its his time to lead.”  

Dorsey co-founded Twitter with Biz Stone, Evan Williams and Noah Glass in 2006 but left in 2008 to found the digital payments firm, Square. He returned to Twitter in 205 after then-Chief Executive Dick Costolo stood down.

Twitter also announced that Bret Taylor, a member of the Twitter Board since 2016, is its new Chairman. He succeeds Patrick Pichette, who will remain a member of the Board and continue to serve as chair of the Audit Committee.  

Taylor said: “On behalf of the Board, I want to thank Jack for his visionary leadership and unrelenting dedication to Twitter since its founding. Jack returned to Twitter and turned the company around at the most critical time. The progress since then has been nothing short of incredible. Jack has given the world something invaluable and we will continue to carry it forward.”

He added: “Parag understands Twitter and appreciates the Companys unique potential. He has been instrumental in tackling our most important priorities, including accelerating our development velocity, and I know hell hit the ground running to strengthen execution and deliver results. The Board has the utmost confidence in Parag.”