Jack Dorsey has stepped down as the chief executive of Twitter.
Dorsey, who founded the social media app in 2006, is replaced by Parag Agrawal, effective immediately. Agrawal has been with the company since 2011, serving as its chief technology officer since 2017.
Dorsey will remain a member of the Board until his term expires in May next year.
Dorsey previously served as chief executive officer from 2006 before leaving the company in 2008. He returned to lead the company in 2015.
“I've decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey says.
“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.”
As chief technology officer, Agrawal has been responsible for the company's technical strategy. Prior to being appointed CTO, Parag had risen to be Twitter's first Distinguished Engineer due to his work across revenue and consumer engineering, including his impact on the re-acceleration of audience growth in 2016 and 2017.
"I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership," Agrawal says.
“I look forward to building on everything we have accomplished under Jack's leadership and I am incredibly energized by the opportunities ahead. By continuing to improve our execution, we will deliver tremendous value for our customers and shareholders as we reshape the future of public conversation."
In addition to Agrawal's appointment, Bret Taylor, a member of the Twitter Board since 2016, has been named independent chair of the Board.
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