Twitter’s CEO Jack Dorsey announced his departure on Monday morning, saying he’s “worked hard to ensure this company can break away from its founding and founders.” Twitter stock surged by over 11 percent moments after CNBC first reported the news. In his announcement, Dorsey revealed that Parag Agrawal, Twitter’s chief technology officer, will take over for him. “I know that Parag will be able to channel this energy best because he’s lived it and knows what it takes,” he said. Dorsey added he’ll stay on the company’s board through the end of his term in “May-ish” and then leave. “I want you all to know that this was my decision and I own it,” he wrote.
Dorsey, who co-founded Twitter in 2006, is also the head of payments company Square. His last tweet before CNBC’s report was from Sunday night and read: “I love Twitter.”