Twitter Founder and CEO Jack Dorsey has resigned from the helm of the company’s leadership.
In a statement released by the company, twitter said that Jack will be replaced by Parag Agrawal who has been the company’s Chief Technology Officer (CTO) since 2017. The company further stated that the changes will take place with immediate effect.
“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 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 time to lead.” Jack Dorsey said in a statement.
He made his resignation official in a tweet on Monday and attached it with a letter with an explanation on why he was leaving the company.
The 45 year old founded the microblogging platform in 2006 and was CEO until 2008 when he was pushed aside only to resurface on top of the leadership in 2015.
Last year Elliott Management, a major stakeholder of the company wanted Jack to choose between being the CEO of twitter or the CEO of Square – a digital payment company that he founded. It seems like Jack decided to choose the latter.
Upon the announcement being made public, twitter stock rose but the trading of the shares was suspended.