Jack Dorsey, the co-founder of Twitter, in his latest tweet on Monday announced that he is stepping down as the chief of the company after 16 years of service.
“Not sure anyone has heard, but I resigned from Twitter,” Dorsey said in his latest tweet.
Dorsey gave three reasons for his resignation — 1) Appointment of Parag Agrawal as Twitter CEO; 2) Bret Taylor agreeing to be Board chairman; 3) All members of the Board have the potential to change the course of the company for the better.
Dorsey will remain a member of the Board until his term expires at the 2022 meeting of stockholders.
In his recent tweet on the site, posted on Sunday, Dorsey wrote: “I love Twitter.”
The 45-year-old co-founded the company with Biz Stone, Evan Williams and Noah Glass in 2006. Dorsey had stepped down as CEO of Twitter in 2008, but returned to the company in 2015.
Meanwhile, Dorsey remains the CEO of Square, his digital payments company.
New CEO Parag Agrawal had joined the company in 2011 as an ads engineer, eventually taking the title of CTO in 2018.
He had been in charge of strategy involving Artificial Intelligence and Machine Learning. Prior to joining Twitter, Agrawal did research internships at AT&T, Microsoft and Yahoo.
In addition to Agrawal’s appointment to the Board, the Company also announced that Bret Taylor, a member of the Twitter Board since 2016, has been named Independent Chair of the Board, effective immediately.