Jack Dorsey, Twitter’s chief executive officer, said Monday that he has resigned from the microblogging firm after 16 years as a co-founder.
Mr. Dorsey revealed this in a post on his official page.
“Not sure anyone has heard but, I resigned from Twitter,” his tweet reads.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” a statement released by the company quoted him saying.
Parag Agrawal, Twitter’s former chief technology officer, has been named as the new CEO and a member of the board of directors.
Mr. Dorsey, 45, will continue to lead Square, a financial payments company with a market capitalization of more than $98 billion, compared to Twitter’s $38 billion.
In his official statement, he announced that Bret Taylor will be taking over the position of the board chair.
He ended the statement on an emotional note, “I want you all to know that this was my decision and own it. 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. 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.”