Twitter CEO Jack Dorsey has resigned, and the company’s chief technology officer, Parag Agarwal, has been unanimously elected by the board of directors as his successor. A source told Reuters that the company’s board of directors has been preparing for Dorsey’s departure since last year. When the news came out, Twitter accelerated its pace of product innovation in the past year to compete with social media competitors such as Facebook and TikTok, and achieve its goal of doubling its annual revenue by 2023.

Dorsey also explained on Twitter why he down as Twitter’s CEO after 16 years, and why Agarwal is suitable to lead the company Dorsey co-founded in 2006.

“I decided to leave Twitter because I believe the company is ready to move on from its founder. I have a deep trust in Parag as the CEO of Twitter. His work over the past 10 years has been transformative. I have a deep understanding of him. Thank you for your skills, heart, and soul. It’s time for him to lead,” Dorsey said.

Agrawal said in a prepared statement: “I want to thank the board of directors for their trust in my leadership and Jack for his continued guidance, support and cooperation.” “I look forward to all the achievements we have achieved under Jack’s leadership. By making persistent efforts on this basis, I am full of vitality for the opportunities in the future.”

According to a press statement issued by Twitter, Agrawal joined Twitter in 2011 and has been the Chief Technology Officer (CTO) since October 2017. Prior to his appointment as chief technology officer, the company stated that Agarwal became Twitter’s first “outstanding engineer” for his work in revenue and consumer engineering. The Indian executive has a PhD. He holds a bachelor’s degree in computer science from Stanford University and a bachelor’s degree in computer science and engineering from the Indian Institute of Technology, Mumbai.

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In to Dorsey’s departure and Agarwal taking over as Twitter’s CEO, the company also announced that Bret Taylor, who has been a member of Twitter’s board of directors since 2016, has been appointed as the independent chairman of the board.

The share price of the Weibo soared 9% in early trading, while the share price of Square, the digital payment company with Dorsey also serving as CEO, rose 3%. Then suspend stock trading before the expected announcement.

In a tweet on November 28, Dorsey said: “I love Twitter.” The “likes” of the tweet soared to more than 54,000 on Monday.

CNBC first reported on Dorsey’s move.

In early 2020, Dorsey faced Elliott Management Corp’s request to step down after the hedge fund argued that he paid too little attention to Twitter while running the payment processing company Square Inc.

Dorsey resisted the pressure by allowing Elliott, his ally, and the acquisition company Silver Lake Partners to obtain a seat on Twitter’s board of directors.