Jack Dorsey: Yes, I'm Leaving Twitter

(Update: This file has been updated throughout with confirmation of early reports.) Jack Dorsey is leaving his role as CEO of Twitter. After CNBC reported the news on Monday, Twitter and Dorsey himself confirmed. "I've decided to leave Twitter because I believe the company is ready to move on from its founders," the 45-year-old Dorsey said in a press release, per the Wall Street Journal. The move is effective immediately, with Twitter's chief technology officer, Parag Agrawal, taking over as CEO. Dorsey will remain on the company's board until his term expires next year.

CNBC notes that Dorsey survived an attempt to oust him last year led by Elliott Management, a large shareholder worried about Dorsey splitting duties between Twitter and his other company, Square. Dorsey remains CEO of the payments company. "I want you all to know that this was my decision and I own it," he wrote in a resignation statement posted on Twitter. He said it was a "tough" choice but the best thing for him and the company. He also had only good things to say about his successor, describing his trust in Agrawal as "bone deep." Twitter shares were up about 5% on the news. (More Jack Dorsey stories.)