Jack Dorsey, the co-founder and chief executive officer of Twitter Inc., is stepping down, ceding the position to the company’s Chief Technology Officer Parag Agrawal.
The move is effective immediately, though Dorsey will stay on the board of the social media company until his term expires in 2022, Twitter said in a statement Monday.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in the statement. “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.”
Dorsey, 45, is also the head of payments company Square Inc. and has been taking an increasing interest in cryptocurrencies recently. Dorsey stepped down as CEO of Twitter in 2008, but returned to the company in 2015.
Twitter shares jumped 3.4% at 10:50 a.m. in New York. In an unusually bubbly tech equity market, Twitter has lagged behind its peers, with its shares slumping almost 10% this year, while Meta Platforms Inc., formerly Facebook, has risen 23%.