He will be replaced by the technical director of the company Parag Agrawal.

Twitter founder and CEO Jack Dorsey is stepping down as the company’s CEO.

In a Twitter press release, it is reported that Dorsey will be replaced by Parag Agrawal, who has been the company’s chief technical officer since 2017. The decision takes effect immediately.

“I decided to leave Twitter because I think the company is ready to move on without its founders. I deeply trust Parag as CEO of Twitter. Over the past 10 years, he has done a revolutionary job. I am deeply grateful to him for his professionalism, heart, and soul. It’s his time to be a leader,” Dorsey said in a statement.

Dorsey’s latest tweet, which was posted on Sunday, says: “I love Twitter.”

Dorsey, 45, founded the microblogging network in 2006 and was its CEO until 2008, when he was suspended, but then returned to the position in 2015.

Last year, Elliott Management, which is a major shareholder of Twitter, called on Dorsey to make a choice between the post of CEO of the social network or CEO of Square, the digital payments company he founded.

Twitter shares rose on this news, but stock trading was suspended.