The Co-founder and Chief Executive Officer of social networking service, Twitter, Jack Dorsey, has resigned.

He announced his resignation in a statement on Monday, November 29, 2021, after 16 years.

Dorsey, who co-founded Twitter in 2006, has been serving as CEO of both Twitter and payment firm, Square.

“After almost 16 years of having a role at our company, from co-founder to CEO to chair to Exec chair to interim-CEO to CEO…I decided it’s finally time for me to leave. Why? There is a lot of talk about the importance of a company being “founder-led.”

Ultimately I believe that’s severely limiting and a single point of failure. I have worked hard to ensure that this company can break away from its founding and founders,” Dorsey said in a statement.

“I resigned from Twitter,” he wrote.

He will be replaced by the current chief technical officer, Parag Agrawal, Twitter said.