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First reported on Monday by CNBC, pro-Bitcoin CEO of Twitter and Square, Jack Dorsey is stepping down from his position as head of the tech company. Dorsey’s role at online payments platform Square remains unchanged.
Effective immediately, per the company’s press release, Parag Agrawal, Twitter’s chief technology officer since 2017, is appointed by Twitter’s board of directors to replace Dorsey.
In a statement, which Dorsey later also shared to his Twitter followers, the Square CEO said:
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. 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.”
In his statement, Dorsey elaborated on what motivated him to leave the company, coming up with three main reasons to make his decision, knowing the company is in good hands.