New Delhi, Nov 29: The Chief Executive officer (CEO) of Twitter, Jack Dorsey is stepping down as CEO of Twitter, the social media company he co-founded in 2006.

Dorsey is going to be replaced by Twitter’s Chief Technology Officer (CTO), Parag Agrawal, a 10-year veteran of the company.

However, Dorsey will remain on the company’s Board of Directors until May 2022. He was Twitter’s founding CEO but left the company once before, after a falling out with a fellow Co-founder. He resumed the the top job once again in 2015.

  “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. 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”, read his resignation tendered through the Twitter.

Dorsey is also the CEO of Square, the financial payments company he founded in 2009 and has been criticized by some investors for leading two public companies at once.

The hedge fund Elliot Management, a major shareholder, sought to replace Dorsey last year. It argued that Twitter should have a CEO solely focused on running the company. The hedge fund backed off its demand, however, after striking a deal with Twitter management.