Twitter CEO Jack Dorsey will step down as head of the social media platform he co-founded, the company announced on Monday.
Board member and former Chief Technology Officer Parag Agrawal was appointed CEO, effective immediately, and Dorsey will remain a member of the board until his term expires at next year's stockholders' meeting, the company said.
"I've decided to leave Twitter because I believe the company is ready to move on from its founders," Dorsey said in a statement released by Twitter.
"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."
CNBC was the first to report Dorsey's departure on Monday.
Dorsey remains CEO of Square, his digital payments company. Dorsey is the only person to be CEO of two public companies with market valuations of greater than $5 billion.
Dorsey's exit ends a five-year run atop the social media company, during which time he helped boost its users and oversaw the implementation of a variety of new features meant to expand its reach and crack down on issues like abuse and misinformation.
In 2020, investment firm Elliott Management launched a campaign to remove Dorsey as CEO of Twitter.
In February, Twitter announced in a filing to the Securities and Exchange Commission that it aimed to have 315 million monetizable daily active users by the end of 2023 and to at least double its annual revenue in that year.
Twitter had 192 million monetizable daily active users and $3.7 billion in annual revenue at the end of 2020, according to the company's last quarter earnings report.
Twitter's stock jumped by more than 11 percent on the news.
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