Jack Dorsey steps down as Twitter CEO

Twitter Inc Chief Executive Officer Jack Dorsey has stepped down from his role, Reuters reported.

The company’s board has appointed CTO Parag Agrawala as his successor.

Dorsey co-founded Twitter in 2006 and became CEO the following year.

In his latest tweet on Nov. 28, Dorsey said: “I love twitter.”

CNBC was first to report Dorsey’s move.

Twitter’s shares rose 11% after the news broke on CNBC before being briefly suspended.

Dorsey’s departure marks the end of his second CEO stint at the social networking site, and he leaves at a time when Twitter has made headlines for its renewed pace of product launches after years of criticism that the site had fallen behind larger rivals like Facebook and new social media apps such as TikTok in innovation, reuters reported.

The company’s board has been preparing for Dorsey’s departure since last year, a source familiar with the matter told Reuters.