Jack Dorsey is stepping down as CEO of Twitter

Jack Dorsey, the cofounder and public face of Twitter, will step down from his role as CEO, effective immediately, the company announced Monday. Dorsey will remain a member of Twitter's board until at least next year.

Parag Agrawal, Twitter's chief technology officer, will take over as CEO.

"I've decided to leave Twitter because I believe the company is ready to move on from its founders," Dorsey said in a statement Monday. "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."