'Twitter is ready to move on': Jack Dorsey quits as CEO

Jack Dorsey has stepped down as Chief Executive Officer of Twitter but he will however continue to be a board member till his term expires on 2022.

Chief Technology Officer Parag Agrawal has been appointed as the new CEO with immediate effect, the social media giant announced.

Dorsey in a statement said that he has decided to step down because he believes that Twitter 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 Dorsey.

Dorsey, who co-founded the social media giant in 2006, 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.