Jack Dorsey is stepping down as CEO of Twitter, the social media company he co-founded in 2006. He will be replaced by Twitter's chief technology officer, Parag Agrawal, a 10-year veteran of the company.
Twitter stock rose on the news, which was first reported by CNBC.
"I've decided to leave Twitter because I believe the company is ready to move on from its founders," Dorsey said in a statement. "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."