Twitter CEO Jack Dorsey abruptly resigned from the company citing his belief that the company is ready to move on from its founders.
According to CNBC, Dorsey’s resignation takes effect immediately and he’ll be replaced by CTO Parag Agrawal.
“My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational,” Dorsey tweeted. “I’m deeply grateful for his skill, heart, and soul. It’s his time to lead.”
Dorsey founded Twitter and was forced out as CEO in 2008. He returned as CEO in 2015 when Dick Costolo departed.
“I want you all to know that this was my decision and I own it,” he tweeted. “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.”
Dorsey plans to remain on Twitter’s board for the next six months or so to help with the transition before fully departing the company.
Twitter missed Wall Street expectations on revenue and earnings per share last quarter.
In September, the company agreed to pay $809.5 million to settle a class-action suit, in which investors accused the company of providing misleading numbers about engagement.
