Confirming the news first reported on 29 November by CNBC, Twitter co-founder and CEO Jack Dorsey announced his departure. The company confirmed that CTO Parag Agrawal would succeed him and take a seat on the board, effective immediately, while Bret Taylor is taking over as the board’s new chairman.

In the company’s official statement, Dorsey says, “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.”

Dorsey returned to lead the company as CEO in 2015 despite being forced out of the post in 2008. He continues to serve as the CEO of Square and last night tweeted, “I love Twitter.”