Jack Dorsey has stepped down as chief executive officer of Twitter.

Twitter’s board of directors unanimously appointed chief technology officer (CTO) Parag Agrawal as Dorsey’s replacement as chief executive and a member of the board, effective immediately.

Dorsey will remain a member of the board until his term expires at Twitter’s 2022 stockholders meeting.

Twitter said there are no changes to its previously shared outlook for the fourth quarter and its full year 2021, or its 2023 goals.

Parag Agrawal joined Twitter in 2011 and has served as CTO since October 2017.

Twitter said Agrawal was responsible for its technical strategy as chief technology officer, including leading work to improve development velocity while advancing the state of machine learning across the company.

Prior to being appointed chief technology officer, Parag had been appointed Twitter's first distinguished engineer, which the company said was due to his work across revenue and consumer engineering, including his impact on audience growth in 2016 and 2017.

In addition, Bret Taylor was named the new chairman of the board, succeeding Patrick Pichette who will remain on the board and continue to serve as chair of the audit committee.

Taylor currently serves as the president and chief operating officer of Salesforce.

"I've decided to leave Twitter because I believe the company is ready to move on from its founders," said Dorsey. “My trust in Parag as Twitter's chief executive is deep.”

“His work over the past 10 years has been transformational. I'm deeply grateful for his skill, heart, and soul.”

He added: “It's his time to lead.”

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