Jack Dorsey is stepping down from the top post at Twitter, he announced on Monday.
"I've decided to leave Twitter because I believe the company is ready to move on from its founders," Dorsey, 45, said in the social media giant's press release announcing the move.
Twitter said its Board of Directors unanimously selected Parag Agrawal, chief technology officer, to take over as CEO and a member of the board, effective immediately. Dorsey, meanwhile, will remain on the board until his term ends at the 2022 stockholders meeting.
"My trust in Parag as Twitter's CEO is deep," said Dorsey. "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."
"I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership," Agrawal said in a statement. "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."
Dorsey's departure was first reported by CNBC, which cited sources who spoke with Squawk on the Street co-host David Faber.
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Dorsey co-founded Twitter in 2006 with Ev Williams, Biz Stone and Noah Glass and served as CEO until 2008. In 2009, he co-founded mobile payment company Square, Inc. with Jim McKelvey, and took the platform public in 2015.
Also in 2015, Dorsey returned to Twitter as CEO. He has led the platform ever since.
"On behalf of the Board, I want to thank Jack for his visionary leadership and unrelenting dedication to Twitter since its founding," said Bret Taylor, Twitter's incoming Independent Board Chair. "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."
Forbes estimates that Dorsey is worth $11.7 billion.