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MIAMI, FLORIDA - JUNE 04: Jack Dorsey creator, co-founder, and Chairman of Twitter and co-founder & CEO of Square arrives on stage at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood on June 04, 2021 in Miami, Florida. The crypto conference is expected to draw 50,000 people and runs from Friday, June 4 through June 6th.

Jack Dorsey has announced that he is stepping down as the CEO of Twitter, a company in which he co-founded a decade and a half ago.

Board member and former Chief Technology Officer Parag Agrawal was appointed CEO, effective immediately NBC reported.

“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.”

When talking about the future of the company and his absence Dorsey said: “There’s a lot of talk about the importance of a company being ‘founder-led.’ Ultimately I believe that’s severely limiting and a single point of failure.”

He added: “And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.”

Dorsey will remain as a member of the board until his term expires at next year’s stockholders’ meeting, the company said per the news outlet. The former CEO of the social network platform will still remain the CEO of Square, his digital payments company.