Twitter co-founder and CEO Jack Dorsey has stepped down from the executive role as CEO of the company effective immediately.

The company’s Chief Technology Officer, Parag Agrawal, will replace him.

He has also been heading the company’s artificial intelligence and machine-learning efforts.

Twitter announced the stepping down of Dorsey on Monday.

He, however, will remain on Twitter’s board until the 2022 annual meeting, when his term expires.

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Dorsey said he decided to leave Twitter because he believes the company is ready to move on from its founders and his trust in Agrawal is deep.

“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,” said Dorsey, said Dorsey.

Parag Agrawal. PHOTO/COURTESY

Dorsey said it was his decision to quit the position, albeit a tough one for him. He also expressed his mixed feelings about his move.

"I want you all to know that this was my decision and I own it. 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," Dorsey tweeted.

Dorsey will remain CEO of his other company payments giant Square, which is a major player in digital payment platforms.

Parag joined Twitter in 2021 as a software engineer and worked his way up to become the company’s Chief Technology Officer since 2017. 

He has been Dorsey’s closest partner in terms of thinking about the future of Twitter and decentralizing social media.

In his letter to employees, Dorsey said Parag has been his choice for some time because of how deeply he understands the company and the needs of the company.

“He’s been my choice for some time given how deeply he understands the company and its needs,” Dorsey wrote

Since reports started emerging about Dorsay’s departure, the shares of the company have spiked to about 11 per cent in pre-market trading Monday after the report.