Twitter co-founder Jack Dorsey has stepped down as Chief Executive of the social media company.
In a stunning statement Monday, the microblogging site said Dorsey will be replaced by chief technology officer (CTO) Parag Agrawal.
The surprise move ends Dorsey’s criticized tenure as chief executive officer of both Twitter and Square, his digital payments company, which led to Twitter stakeholders Elliott Management and billionaire investor Paul Singer calling on him to step down from one of those roles.
Twitter said Dorsey would step down immediately but that Dorsey would remain on the board until Twitter’s stockholder meeting in 2022. The company’s share rose 11% after the news broke.
“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 his most recent tweet on the site, posted Sunday, Dorsey wrote: “I love Twitter.”
Agrawal has been with Twitter for a decade and served as CTO since 2017.
“I want to thank the board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership,” said Agrawal.
Dorsey, 45, co-founded the microblogging site in 2006 and posted the world’s first tweet: “Just setting up my twttr.”