The co-founder and chief executive officer of Twitter, Jack Dorsey, says he has resigned from his role at the company.
In his exit note, Dorsey said Parag Agrawal, the company’s chief technical officer will replace him as the new CEO.
The company said Dorsey would step down immediately, but remain on the board until Twitter’s stockholder meeting in 2022.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” he wrote.
“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.”
Following the report of his resignation, Twitter’s shares soared by more than 11 percent to $52.25, forcing the NASDAQ stock market to suspend trading in the stock of the company.
Dorsey also co-founded Square, a payments-processing company, and has split his time between both companies since then.
Critics of Dorsey have long been skeptical of his dual roles as CEO of both Twitter and Square, arguing that he can’t effectively manage both multi-billion dollar companies.
In a related statement, the company said the board of directors unanimously approved the appointment of Agrawal as CEO and a member of the board with immediate effect.