Jack Dorsey, Chief Executive Officer of microblogging platform, Twitter, has stepped down from his role.
He announced his resignation on Monday, after 16 years of co-founding the social media company.
He posted a screenshot of his resignation letter and captioned it “Not sure anyone has heard, but I resigned from Twitter”
He also announced Parag Agrawal as his successor. Dorsey will however remain a member of Twitter’s board until at least next year, while Parag, Twitter’s chief technology officer take over as CEO.
In a statement posted on Monday Dorsey said “I’ve decided to leave Twitter because I believe the company is 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.”
In an internal note, shared on his Twitter account, Dorsey said: “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. I’m really sad… yet really happy. 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.”
Agrawal in a statement also said. “I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership. I look forward to building on everything we have accomplished under Jack’s leadership and I am incredibly energized by the opportunities ahead.”