Jack Dorsey, the 45-year-old billionaire founder of social media giant Twitter, has stepped down from his role as chief executive officer, the platform announced on Monday.

“Not sure anyone has heard but, I resigned from Twitter,” Dorsey tweeted along with an email that he sent to the company’s employees.

“The company is ready to move on from its founders,” Dorsey’s farewell email stated. “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 did not specify what prompted his decision to quit. He will remain on the Board of Directors until his term ends in 2022.

Parag Agrawal, Twitter’s chief technology officer, was unanimously voted into Dorsey’s formal role by the Board of Directors.

Dorsey said that he has had Agrawal pinned as his successor “for some time given how deeply he understands the company and its needs.”

The new chairman of the Board of Directors said that “on behalf of the Board, I want to thank Jack for his visionary leadership and an unrelenting dedication to Twitter since its founding. Jack returned to Twitter and turned the Company around at the most critical time. The progress since then has been nothing short of incredible. Jack has given the world something invaluable and we will continue to carry it forward.”

He added that “Parag understands Twitter and appreciates the Company’s unique potential. He has been instrumental in tackling our most important priorities, including accelerating our development velocity, and I know he’ll hit the ground running to strengthen execution and deliver results. The Board has the utmost confidence in Parag.”

Agrawal also issued a statement in praise of Dorsey and the technology giant that he created.

“I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership,” said Agrawal. “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.”

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