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Source: Creative Services / iOne

In a shocking company announcement on Monday, Jack Dorsey, cofounder of Twitter, has decided to step down from his role as CEO, effective immediately. Dorsey will remain a member of Twitter’s board until at least next year.

“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.”

Parag Agrawal, Twitter’s chief technology officer, will now take over as CEO.

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