Twitter, Inc. announced on Monday (November 29) that CEO and founder Jack Dorsey will be stepping down from his position at the company, effective immediately.

The company’s chief technology officer, Parag Agrawal, will take over for Dorsey. Dorsey will remain a member of the board until his term expires at the 2022 meeting of stockholders. Dorsey addressed the decision in a statement, “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. 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.”

Shortly after the announcement was made, Dorsey took to Twitter to share a screenshot of an email he sent to employees revealing his resignation.