Twitter co-founder Jack Dorsey has announced his resignation as CEO of the social media company, effective immediately.

Dorsey announced the news today (November 29) via a tweet, in which he announced that current Chief Technology Officer (CTO) Parag Agrawal would be taking over as CEO.

“There’s a lot of talk about the importance of a company being “founder-led”. Ultimately I believe that’s severely limiting and a single point of failure. I’ve worked hard to ensure this company can break way from its founding and founders,” Dorsey said in a company-wide email that he shared on Twitter.

He then went on to list three factors for his resignation, with Parag taking over as CEO being the first. “He’s been my choice for some time given how deep he understands the company and its needs,” he said, adding: “My trust in him as our CEO is bone deep”.

not sure anyone has heard but,

I resigned from Twitter pic.twitter.com/G5tUkSSxkl

— jack⚡️ (@jack) November 29, 2021

Dorsey then listed Bret Taylor becoming the company’s board chair and the Twitter team’s capabilities as additional reasons for his leaving. He also announced that he will continue to serve on the board until “May-ish” to “help Parag and Bret with the transition” and will leave the board thereafter.

His resignation follows Twitter stakeholders Elliott Management and billionaire investor Paul Singer calling on him to resign from his role as CEO of either Twitter or Square, as they were worried that he was stretched too thin between the two companies.

Following Dorsey’s announcement, newly appointed CEO Parag Agrawal shared his own email response, thanking Jack for his “continued mentorship” and for “leading the company through really significant challenges”.

Earlier this year Michael Stipe criticised Dorsey, over his failure to not suspend the account of former US President Donald Trump sooner, following the storming of Capitol Hill.