After 16 years the CEO of Twitter , Jack Dorsey, announced he is stepping down from his role at the social media giant.

Dorsey co-founded Twitter in 2006, and served as CEO until 2008. He occupied various other positions at the company, including chairman and executive chairman before returning to the CEO role in 2015. In a statement posted on his Twitter account Dorsey said:

“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders.”

Parag Agrawal, the company’s chief technology officer, will take over from Dorsey,  the company announced.

Twitter stock jumped 3 per cent on the news.

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