The Chief Executive Officer of Twitter, Jack Dorsey, has resigned.
Dorsey, 45, who co-founded the company in 2006, announced his resignation in a tweet on Monday.
He said it was “finally time for me to leave”, adding that “it was because I believe the company is ready to move on from its founders”.
Parag Agrawal, a former Chief Technology Officer of the microblogging site, has been announced as the new CEO.
In a tweet, Agrawal thanked Dorsey and Twitter team for choosing him.
“Deep gratitude for @jack and our entire team, and so much excitement for the future. Here’s the note I sent to the company. Thank you all for your trust and support.”
According to Sky News, Twitter’s shares spiked after the report that Dorsey would leave his role.
Shares in the social media platform rose 9% on market opening on Monday morning.
Trading was halted on the New York Stock Exchange after the spike, but shares resumed trading with a gain of more than 4.5% ahead of where they opened.
Dorsey remains the Chief Executive of financial payments company Square, which has a market capitalisation of over $98bn (£73bn) compared to Twitter’s $38bn (£28bn).