Jack Dorsey, the co-founder of social media giant, Twitter, has resigned from his role as Chief Executive Officer (CEO) of the company after 16 years of service.
The 45-year-old tendered was previously serving as both the CEO of Twitter and Square, his digital payments company.
He is said to be replaced by the company’s chief technology officer, Parag Agrawal.
However, the company announced that Mr. Dorsey will remain a member of the Board until his official term expires at the 2022 meeting of stockholders.
The President of Salesforce President and COO Bret Taylor is the new Chairman of the Board, replacing Patrick Pichette, a former Google executive, who will remain on the board as chair of the Audit Committee, according to CBNC.
In the email he sent to the company (that he tweeted), Jack said “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders."
He did not provide further details for what may have prompted him to resign.
The day before announcing his resignation, Jack tweeted his love for Twitter.
In his mail, he stated that Agrawal has been his choice to lead the company “for some time given how deeply he understands the company and its needs.”
Dorsey, who co-founded Twitter in 2006, was the CEO until 2008 before being leaving the role. He returned to the role in 2015 following the step down of CEO Dick Costolo.
The company's shares leapt by 85% since Dorsey's takeover CEO on Oct 5. 2015. His second company Square on the other hand has seen its shares surge by 1,566% since its Nov. 19, 2015 initial public offering.