Jack Dorsey steps down as Twitter CEO - Parag Agrawal succeeds him

Twitter co-founder and CEO Jack Dorsey announced his resignation, confirming speculations first reported by CNBC. The company revealed that CTO Parag Agrawal will succeed him and join the board of directors, with Bret Taylor taking over as chairman.

Dorsey returned to run the company as CEO in 2015, he is still the CEO of Square and tweeted yesterday night, "I love Twitter."

“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”, Dorsey said in the company’s official statement.

In an email to employees Dorsey said:

Why not stay or become chair? I believe it’s really important to give Parag the space he needs to lead. And back to my previous point, I believe it’s critical a company can stand on its own, free of its founder’s influence or direction.

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.