Twitter announced that its co-founder and public face Jack Dorsey would step down as CEO, with immediate effect, and be replaced by Chief Technology Officer Parag Agrawal.
In a statement shared Monday, Dorsey said he had decided to leave Twitter because he believed the company was 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,” he said.
The social media company also revealed that Dorsey would remain Twitter’s board member until his term expires in 2022.
The American businessman shared an internal note on his Twitter account, saying he was “really sad… yet really happy.”
“I want you all to know that this was my decision, and I own it. It was a tough one for me, of course. I love this service and company… and all of you so much,” Dorsey stated.
“There aren’t many companies that get to this level. And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.”
Dorsey co-founded Twitter in 2006 and returned to its CEO position six years ago to help change its business. Since then, he achieved profitability, launched new features to attract more users and published the firm’s first billion-dollar quarter.
However, like other social media companies, Twitter faced challenges over content moderation and scrutiny from regulators. Dorsey had to appear several times before Congress to testify amid criticism over its users’ content handling.
The company also saw its shares plummet in recent months and Dorsey, who also leads payments firm Square, was criticized for his unusual arrangement to be chief executive for two public companies.
Early last year, investment management company Elliott Management Corp asked him to resign, arguing that he was focused on Square and paying very little attention to Twitter.
After Dorsey’s departure, Twitter shares rose 10% in premarket trading, closing down 2.7%.
