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Jack Dorsey is stepping down as CEO of Twitter

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Jack Dorsey, the co-founder and public face of Twitter, will step down from his role as CEO, effective immediately, the company announced Monday. Dorsey will remain a member of Twitter’s board until at least next year.Parag Agrawal, Twitter’s chief technology officer, will take over as CEO.

“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement Monday. “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.”

The departure comes six years after Dorsey returned to the chief executive role to help turn around the social network’s business. During Dorsey’s tenure, Twitter achieved profitability, posted its first billion-dollar quarter and began testing and releasing a wide range of features to draw in users. But Twitter, like its peers, has also had to confront the challenge of content moderation as well growing scrutiny from lawmakers and the public.

CNBC was first to report Dorsey’s expected departure Monday. Shares of Twitter jumped as much as 10% in pre-market trading Monday after the report, before giving up some of those gains.

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SOURCE: CNN

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