Jack Dorsey Stepping Down as Twitter CEO

Jack Dorsey Stepping Down as Twitter CEO

Jack Dorsey is stepping down as the chief executive officer of Twitter and Square, effective immediately.

Dorsey, who co-founded Twitter in 2006, explained that he believes "the company is ready to move on from its founders," in a statement issued Monday. He will be replaced by Twitter's chief technical officer Parag Agrawal.

"My trust in Parag as Twitter's CEO is deep. His work over the past 10 years has been transformational," he continued. "I'm deeply grateful for his skill, heart, and soul. It's his time to lead."

The announcement comes on the heels of an odd tweet posted this past weekend about his "love" for Twitter. Two day later, he publicly shared an internal memo about his resignation, saying that he wanted "you all to know that this was my decision and I own it."

Dorsey then went on to address the tech industry's focus on "founder-led" companies, which he believes is "severely limiting and a single point of failure," before clarifying that he would leave Twitter entirely once his term on the company's board is over.

"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," Dorsey said. "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."

Read his tweets below.

Photo via Getty / Drew Angerer