CEO Jack Dorsey steps down from Twitter, company confirms

Jack Dorsey, CEO of Twitter.

(CNN) -

Twitter CEO Jack Dorsey will step down but will remain a member of the social media platform's board of directors, the company announced in a statement Monday.

Dorsey will be succeeded by Parag Agrawal, Twitter's chief technology officer.

"I have decided to leave Twitter because I believe the company is ready to leave its founders behind. My trust in Parag as CEO of Twitter runs deep. His work over the last 10 years has been transformative. I am deeply grateful for his skill, heart and soul. It's his time to lead, "Dorsey said in a statement.

The departure comes six years after Dorsey returned to the role of CEO to help turn the social media business around.

During Dorsey's tenure, Twitter achieved profitability, published its $ 1 billion first quarter, and began testing and launching a wide range of features to engage users.

But Twitter, like its peers, has also had to face the challenge of content moderation, as well as increasing scrutiny from lawmakers and the public.

CNBC was the first to report Dorsey's planned departure on Monday.

Shares of Twitter rose as much as 10% in pre-market trading the Monday after the report, before giving up some of those gains.

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