Jack Dorsey on Monday announced that he has stepped down as Twitter CEO and Parag Agrawal, the current chief technology officer of the company, will be replacing him. 

In a statement on Monday, Dorsery said, “After almost 16 years of having a role at our company…from co-founder to CEO to Chair to Exec Chair to interim-CEO to CEO…I decided it’s finally time for me to leave.”

The 45-year-old co-founded Twitter in 2006 but was forced out as CEO in 2008. Dorsey returned to lead the company as CEO in 2015 and also continues to serve as the CEO of Square.

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In the statement, Dorsey went on to cite reasons why he felt now was the right time to leave: One of them being the choice of Parag as CEO.

“The board ran a rigorous process considering all options and unanimously appointed Parag. He’s been my choice for some time given how deeply he understand the company and its needs. Parag has been behind every critical decision that helped turn this company around. He’s curious, probing, rational, creative, demanding, self-aware, and humble. He leads with heart and soul and is someone I learn from daily. My trust in him as our CEO is bone deep,” he wrote. 

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Agrawal, on the other hand, is an IIT-Bombay alumnus who went on to study at Stanford. He worked in companies like Microsoft and Yahoo! before joining Twitter in 2011.

Following the announcement, Agrawal thanked Dorsey for his support. 

“Deep gratitude for Jack and our entire team, and so much excitement for the future. Here’s the note I sent to the company. Thank you all for your trust and support,” Agrawal tweeted.