It has been confirmed that Jack Dorsey will step down as Twitter’s chief executive officer with immediate effect. The company’s chief technology officer, Parag Agrawal, is set to take over the role.
Dorsey had been serving as chief executive to both Twitter and digital payments company Square, which Dorsey founded in 2009 alongside Jim McKelvey. His stakes in the two companies have helped Dorsey amass a net worth exceeding $11 billion.
According to Twitter, Dorsey is expected to remain a member of the Board until his term expires at the 2022 meeting of stockholders. After this point, Bret Taylor will become the Chairman of the Board.
In a statement, Dorsey said, “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.”
Dorsey also tweeted his final email to Twitter employees as chief executive, in which he stated he was “really sad… yet really happy.”