Jack Dorsey has stepped down as Twitter CEO and will be leaving the company within a few months.
News broke Monday morning that Dorsey was expected to step down as CEO, although CNBC’s sources did not say why or when. Dorsey confirmed the news in a tweet Monday.
In his tweet, Dorsey says Parag Agrawal is replacing him, effective Monday. Dorsey said he believes every company should be able to stand on its own, without the leadership or influence of its founders.
In harmony with that belief, Dorsey says he will stay on the board only though the remainder of his current term, which is set to expire around May. After that, he will leave the company, giving Agrawal room to lead how he sees fit.