'Choosing company over ego' - Jack Dorsey resigns as Twitter’s CEO

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Jack Dorsey creator, co-founder, and chairperson of Twitter.
Jack Dorsey creator, co-founder, and chairperson of Twitter.
Joe Raedle/Getty Images

Jack Dorsey, the co-founder and chief executive officer of Twitter, has resigned.  

Dorsey, 45, is also the head of payments company Square, and has been taking an increasing interest in cryptocurrencies recently. 

Dorsey confirmed his resignation in a tweet on Monday. 

Parag Agrawal, Twitter's chief technology officer, will replace Dorsey as CEO with immediate effect.

"Parag has been behind every critical decision that helped turn this company around. My trust in him as our CEO is bone deep," Dorsey said in his tweet.

Dorsey described it as a "tough" decision to resign, but added that he's happy with his call. "(There) aren't many founders that choose their company over their own ego. I know we'll prove this was the right move."

Dorsey co-founded Twitter in 2006 and posted world's first tweet · 

Dorsey is also resigning from the board. "I believe it's really important to give Parag the space he needs to lead."

Twitter shares jumped almost 4% in New York on Monday morning. 
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