Jack Dorsey, the co-founder of Twitter, has resigned from his position as CEO.
In a statement, Dorsey said it was his belief that having a company being "founder-led" was severely limiting and created a single point of failure, factors which led to him "...working very hard" to ensure that Twitter broke away from its founders.
Dorsey will be replaced by the current Twitter Chief Technical Officer Parag Agrawal in the CEO position while Bret Taylor, president and Chief Operations Officer of Salesforce, will take over as the new Twitter board chairman.
Dorsey has been at Twitter for almost 16 years as co-founder, chairperson, executive chairperson. He is currently also the founder and current CEO of Square, a financial payments company.