Confirming rumors first reported this morning by CNBC, Twitter co-founder and CEO Jack Dorsey introduced his departure. The firm confirmed that CTO Parag Agrawal will succeed him and says Bret Taylor is taking up as the brand new chairman of the board.

Dorsey returned to guide the corporate as CEO in 2015 regardless of being pressured out of the put up in 2008. He continues to function the CEO of Square, and final night time tweeted “I love Twitter.”

In the corporate’s official assertion, Dorsey says, “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.”

In a letter to staff, Dorsey informed them he’ll serve out his time period on the board of administrators till “May-ish” when he will even depart that place and defined his choice as follows:

Why not keep or turn out to be chair? I consider it’s actually essential to offer Parag the house he wants to guide. And again to my earlier level, I consider it’s crucial an organization can stand by itself, freed from its founder’s affect or course.

I would like you all to know that this was my choice and I personal it. It was a tricky one for me, after all. I like this service and firm…and all of you a lot. I’m actually unhappy…but actually blissful. There aren’t many corporations that get to this degree. And there aren’t many founders that select their firm over their very own ego. I do know we’ll show this was the suitable transfer.

New CEO Parag Agrawal joined the corporate in 2011 as an adverts engineer, ultimately taking the title of CTO in 2018. At that point, the corporate mentioned, “In his capacity as CTO, he’s focused on scaling a cohesive machine learning and AI approach across our consumer and revenue product and infrastructure teams.” While Dorsey is well-known for his pursuits in blockchain expertise, cryptocurrency, and decentralization, Agrawal has been main the corporate’s Bluesky effort to create an “open and decentralized standard for social media.”

In his personal observe to staff forward of an all-hands assembly tomorrow, Agrawal says, “I joined this company 10 years ago when there were fewer than 1,000 employees. While it was a decade ago, those days feel like yesterday to me. I’ve walked in your shoes, I’ve seen the ups and downs, the challenges and obstacles, the wins and the mistakes. But then and now, above all else, I see Twitter’s incredible impact, our continued progress, and the exciting opportunities ahead of us.”