Twitter co-founder Jack Dorsey has stepped down from his executive role at the social media company. Dorsey will be replaced by Chief Technology Officer (CTO) Parag Agrawal, the company announced on Monday.

The company said Dorsey would step down immediately but that Dorsey would remain on the board until Twitter’s stockholder meeting in 2022.

“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,” said Dorsey.

Agrawal has been with Twitter for a decade and served as CTO since 2017.
“I want to thank the board for their confidence in my leadership and Jack for his continued mentorship, support and partnership,” said Agrawal.

Dorsey, 45, co-founded the microblogging site in 2006 and posted the world’s first tweet: “Just setting up my twttr.”