Jack Dorsey is stepping down as chief executive of Twitter.
Dorsey a co-Twitter founder will be replaced by the company’s chief technical officer, Parag Agrawal according to Twitter.
“CEO Jack Dorsey is stepping down as chief of the social media company, effective immediately. Parag Agrawal, Twitter’s chief technology officer, will take over the helm”, Twitter said on Monday.
The Social media company added that Dorsey will remain a member of the board until his term expires at the 2022 meeting of stockholders.
Dorsey co-founded Twitter in 2006, and has since been presiding as the CEO but he is now stepping down to allow another new leadership.
He said in statement: “It’s finally time for me to leave”
He added “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders.”
His replacement, Agrawal held research internships at AT &T, Microsoft and Yahoo before joining Twitter.
Jack Patrick Dorsey an American billionaire technology entrepreneur and philanthropist, along with co-founder Jim McKelvey, developed a small business platform to accept debit and credit card payments on a mobile device called Square, released in May 2010.
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