Jack Dorsey set to step down as Twitter’s CEO

Jack Dorsey, the CEO of the big bird app, Twitter,  is stepping down as chief of the social media company, effective immediately.

As co-founder of the social media giant in 2006, Jack served as CEO until 2008 before being pushed out of the role. He returned to Twitter as boss in 2015 after former CEO Dick Costolo stepped down.

The 45 year old was serving as both the CEO of Twitter and Square, his digital payments company.

According to CNBC, Dorsey faced an ousting last year when Twitter stakeholder Elliott Management had sought to replace him.

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Elliott Management founder and billionaire investor, Paul Singer, had wondered whether Dorsey should run both of the public companies, calling for him to step down as CEO of one of them, before the investment firm reached a deal with the company’s management.

Dorsey will remain a member of the Board until his term expires at the 2022 meeting of stockholders, the company said.

“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Jack Dorsey said in a statement.

CNBC reports that Parag Agrawal, the company’s chief technology officer, will take over the helm.