AK Dorsey has resigned as Twitter’s chief executive and posted a message on the platform that “it’s finally time for me to leave”.
In a statement posted to his personal Twitter account, Mr Dorsey said he was “really sad… yet really happy” that he left the firm he co-founded in 2006.
Confirming his replacement will be Parag Agarwal, the current chief technology officer, Dorsey said he would continue to serve on the company’s board until spring 2022 to aid the transition before leaving the firm altogether.
As well as his role at Twitter, Mr. Dorsey is the founder and CEO of payments business Square.
He first left Twitter in 2008, before joining again in 2011 and then becoming chief executive officer for a second time in 2015.
In his message to Twitter staff, he said: “After nearly 16 years of roles at our company … from co-founder to CEO to chairman to executive chairman to interim-CEO to CEO … I have decided that this It’s finally time for me to leave.”
He continued: “I want you all to know that it was my decision and I own it. It was tough for me, for sure. I love this service and the company…and you all so much .
“I’m really sad… yet really happy. There aren’t many companies that reach this level. And there aren’t many founders who choose their company over their ego. I know we Will prove it was the right move.”
He said agreeing to take on the role of Mr. Agarwal, his replacement, was one of the reasons behind his departure, adding that he “was my choice for a while, given how deeply he understands the company and its needs.” “.
“Parag has been behind every important decision that helped transform this company,” he said.
“He’s inquisitive, inquisitive, rational, creative, demanding, self-aware, and humble. He moves with heart and soul, and he’s someone I learn from daily.
“My trust in him as our CEO is very deep.”
In his own post, the new chief executive Mr Agarwal said he had “a lot of enthusiasm for the future”.
“I look forward to building on what we have achieved under Jack’s leadership and I am incredibly excited by the opportunities ahead,” he said in another statement.
“While continuing to improve our execution, we will deliver tremendous value for our customers and shareholders as we reimagine the future of public interaction.”
Mr Dorsey had previously come under pressure from Paul Singer, the billionaire founder of hedge fund Elliot, to step down as the company’s chief executive again.
Last year Elliott and Mr Singer said Mr Dorsey should not be chief executive of both Square and Twitter before signing a deal with the technology firm.
The social media giant, along with the wider sector, has also faced constant scrutiny over the moderation of harmful content online, which it adds to misinformation as well as racist and other abusive posts.
Many campaigners have called for greater regulation of the sector and greater accountability of senior managers at Internet companies.
Twitter has not commented further on the announcement.
Before announcing his departure, Mr Dorsey last tweeted on Sunday, simply saying: “I love Twitter.”