JUST IN: Twitter CEO, Jack Dorsey resigns

Jack Dorsey , Twitter co-founder, is leaving the seat of the chief executive officer CEO, the company has officially announced.

Mr Dorsey will be replaced at the head of the company by Parag Agrawal, its current chief technology officer.

The co-founder will continue to serve on the board until 2022, when his term will expire, Twitter announced.

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

He also tweeted his final email to staff as chief executive, in which he said he was “really sad… yet really happy”.

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The current chairman of Twitter’s board, Patrick Pichette, will also step down. He will be replaced by Bret Taylor, who has been on the board since 2016 and is the president and chief operating officer at Salesforce.

“On behalf of the board, I want to thank Jack for his visionary leadership and unrelenting dedication to Twitter since its founding,” Mr Taylor said in a statement.

“Jack returned to Twitter and turned the company around at the most critical time. The progress since then has been nothing short of incredible. Jack has given the world something invaluable and we will continue to carry it forward.”