It all started with Jack Dorsey "just setting up my twttr."
More than 15 years after that first tweet, the CEO and co-founder of social media giant Twitter is stepping down, the company confirmed on Monday.
"I've decided to leave Twitter because I believe the company is ready to move on from its founders," said Dorsey in a statement.
Parag Agrawal, who has been with Twitter for more than a decade and has served has chief technology officer since 2017, will take over as Twitter CEO effective immediately, the company said.
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"My trust in Parag as Twitter's CEO is deep," said Dorsey. "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."
I love twitter
— jack⚡️ (@jack) November 28, 2021
Dorsey will stay on Twitter's board until his term expires at the company's 2022 stockholders meeting.
On Sunday night, Dorsey sent out a tweet with the message "I love Twitter."
In an email sent to employees and shared on Twitter, Dorsey said he has worked hard to make sure the company can break away from its founders.
"There aren't many companies that get to this level," Dorsey wrote. "And there aren't many founders that choose their company over their own ego. I know we'll prove this was the right move."
not sure anyone has heard but,
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
— jack⚡️ (@jack) November 29, 2021
Dorsey also serves as CEO of payments service Square, taking the mantle of both tech companies since 2015.
Dorsey, who helped co-found the company, was Twitter's first CEO from May 2007 to Oct. 2008. He returned on an interim basis in July 2015 before taking over as permanent CEO as of Oct. 2015.
Twitter stock surges off news
Twitter’s stock, which has consistently underperformed the market, jumped more than 10% at the opening bell Monday.
Twitter shares rose 5% to $49.47 in morning trading after the announcement.
Some big investors had openly questioned whether Dorsey could be effective serving as the CEO of two companies.
Last year, the company came to an agreement with two of those activist investors that kept Dorsey in the top job and gave a seat on the company board to Elliott Management Corp., which owned about 4% of Twitter’s stock, and another to Silver Lake.
Parag Agrawal named as Twitter's new CEO
Agrawal joined Twitter as an engineer in 2011. He was named the company's first distinguished engineer for his impact on renewing audience growth in 2016 and 2017, Twitter said in its statement. In 2017, Agrawal was named chief technology officer.
In an email to employees, Agrawal said he is "honored and humbled" to take over as Twitter's next CEO.
"I've walked in your shoes, I've seen the ups and downs, the challenges and obstacles, the wins and the mistakes," wrote Agrawal. "But then and now, above all else, I see Twitter's incredible impact, our continued progress, and the exciting opportunities ahead of us."
Agrawal’s annual base salary is $1 million with a $1.5 million target bonus, according to documents Twitter filed with the Securities and Exchange Commission Monday. He will also be granted restricted stock units with a value of $25 million.
Contributing: Associated Press; Kelly Tyko, USA TODAY
Follow Brett Molina on Twitter: @brettmolina23.
This article originally appeared on USA TODAY: Twitter CEO change: Jack Dorsey steps down, Parag Agrawal is successor