Twitter announced Monday that its co-founder and CEO Jack Dorsey will be stepping down as the head of the company, and will be replaced by chief technology officer Parag Agrawal.
While the company added Dorsey will step down immediately, it said he would remain as a board member until Twitter's stockholder meeting next year.
The announcement came as Dorsey sent an email to staff on Monday, saying that after 16 years with the company, it was time to leave.
He also noted that Agrawal was his preferred choice for the CEO position.
The 45-year-old co-founded the social networking site in 2006.
He later became co-founder of Square in 2009, after being pushed out of the top job at Twitter before returning as the CEO in 2015.
Investors and some staff members have questioned his management style and were concerned that he was being stretched too thin by his roles at both companies.
Twitter's stock price rose 11-percent after the news of his resignation broke, before being briefly suspended.