Jack Dorsey has stepped down as Twitter CEO

• Jack Dorsey has stepped down from his role as CEO of Twitter, the company said Monday.
• Twitter CTO Parag Agrawal has replaced Dorsey as CEO of the social media giant.

Jack Dorsey has stepped down as Twitter CEO, the company said Monday.

CTO Parag Agrawal is Dorsey's successor, Twitter said. Agrawal has been with Twitter for more than a decade and has been its CTO since 2017.

Dorsey will remain a member of the Board until 2022.

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

CNBC first reported the news Monday, citing unnamed sources.

Shares of the social network jumped as much as 10% in early trading following CNBC's report before retreating. Twitter's stock has largely underperformed benchmark indexes over the past year.

Dorsey became CEO of Twitter in 2006 before being booted in 2008. He became CEO again in 2015 when he stood up his digital payments company, Square, which is now worth more than double Twitter.

Investor Elliott Management sought to replace Dorsey in early 2020, citing his dual-CEO roles at Twitter and Square as a potential risk, but nothing ever materialized from the threat.

Dorsey, alongside some of his Silicon Valley peers, has navigated the so-called techlash of the early 2000's and appeared before Congress multiple times to talk Section 230, an internet law that shields tech platforms from being liable for the content they post online, and address disproven theories of anti-conservative bias on the platform.

Dorsey is known in the tech world for his eyebrow-raising eating habits, signature beard, and advocacy for bitcoin.

"I love Twitter," Dorsey tweeted in the early morning hours of Sunday.