The San Francisco-based company announced the news Nov. 29. Twitter Chief Technology Officer Parag Agrawal will replace Dorsey, who also serves as chief executive of Square Inc. and will now focus his efforts full-time on the electronic payment company.
“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.”
Dorsey co-founded Twitter in 2006 with Noah Glass, Biz Stone and Evan Williams.
Dorsey posted his letter of resignation on Twitter. In it, he explained he believes a company being founder-led is “severely limiting and a single point of failure,” adding “I’ve worked hard to ensure this company can break away from its founding and founders.”
With 186 million daily active users, Twitter is one of the biggest social media platforms in the world. As of Nov. 30, the account controlled by former President Barack Obama had the most followers, with 130 million. Dorsey, by comparison, has 5.9 million.
