On Monday (November 29), Twitter CEO Jack Dorsey announced his resignation from the social media network he co-founded a decade and a half ago.

Parag Agrawal, a board member, and former Chief Technology Officer (CTO) has been named CEO, effective immediately, and Dorsey will continue on the board until his term expires at next year’s stockholders’ meeting, according to the business.

In a statement posted by Twitter, Dorsey said, “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders.” “I have a lot of faith in Parag as Twitter’s CEO. His work has had a profound impact during the last ten years. I owe him a debt of gratitude for his talent, heart, and soul. It is now his turn to lead.”

Dorsey cautioned about the dangers of a firm founder hanging on too long.

“A lot of people talk about how important it is for a firm to be ‘founder-led,'” Dorsey added. “In the end, I believe that’s a single point of failure and highly restricting.”

He continued, ” “And there aren’t many entrepreneurs who choose their company over their ego. I’m confident we’ll show that this was the proper decision.”

On Monday, CNBC was the first to reveal Dorsey’s departure.

Dorsey’s digital payments startup, Square, is still led by him. Dorsey is the only individual to have served as CEO of two publicly traded firms with market capitalizations over $5 billion.

Dorsey made no mention of Square or investor pressure on him to choose one of the executive positions in his statement.

“I want you to know that this was my decision, and I take full responsibility for it,” Dorsey stated. “Of course, it was a difficult task for me. This service and company are fantastic.”

Dorsey’s departure brings to an end a five-year tenure as CEO of the social media business, during which he helped grow the company’s user base and oversaw the adoption of a number of new features aimed at broadening its reach and combating challenges like abuse and disinformation.

Elliott Management, an investment group, initiated a campaign to oust Dorsey as Twitter’s CEO in 2020.

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