Chief executive officer of Twitter Jack Dorsey has resigned from the company he co-founded in 2006.
Mr Dorsey announced he was stepping down in a statement on Monday.
“It’s finally time for me to leave” he wrote in a statement, saying the company was “ready to move on.”
The 45-year-old will be replaced by the current chief technical officer, Parag Agrawal, Twitter said.
Dorsey has been serving as CEO of both Twitter and payment firm Square.
Dorsey said he had “deep” trust in his replacement. “I’m deeply grateful for his skill, heart, and soul. It’s his time to lead,” he said.
Mr Agrawal joined Twitter in 2011, and has been the firm’s head of technology since 2017.
Twitter’s share price jumped slightly as rumours of his departure emerged.
In a separate message to the official corporate statement, Dorsey tweeted: “Not sure anyone has heard but I resigned from Twitter”.
Dorsey said he would not be staying even as chairman to give Agrawal space to lead.
An investment firm Elliot Management, which owns a significant portion of Twitter shares, had been leading calls for his resignation, saying Twitter would be better off with a full-time chief executive who has only one company to run.
The change in leadership comes alongside several other changes to Twitter’s board, including the appointment of Bret Taylor, an existing Twitter board member and veteran of Google and Salesforce, as the new chairman.
