Twitter CEO Jack Dorsey is stepping down from his role, the social media company confirmed Monday.
Dorsey, 45, co-founded Twitter in 2006, only to be forced out as CEO by the board in 2008. He returned to the position in 2015.
Parag Agrawal, the company’s chief technology officer, will replace Dorsey.
“There’s a lot of talk about the importance of a company being ‘founder-led,’” Dorsey wrote in an email to Twitter employees on Monday. “Ultimately I believe that’s severely limiting and a single point of failure. I’ve worked hard to ensure this company can break away from its founding and founders.”
Agrawal sent an email of his own, acknowledging Dorsey’s significant efforts at the company while embracing “ambitious goals” and a strategy shift to meet them:
Twitter’s stock jumped more than 10% following news of Dorsey’s expected resignation, prompting a suspension in trading.
In April, Twitter reported having 199 million monetizable daily active users and raking in $1.04 billion in revenue.
Dorsey is also the CEO of the financial payments company Square, a potential source of conflict.
He has become a bitcoin aficionado in recent years, and has used his Twitter account to publicly tout the cryptocurrency. He announced in July that bitcoin would play a “big part” in Twitter’s future.