Twitter CEO Jack Dorsey on Monday stepped down and named chief technology officer (CTO) Parag Agarwal as his successor.

"Parag is CEO starting today. I am going to serve on the board through my term (Mayish) to help Parag and Bret with the transition," Dorsey wrote in an email to team members.

Salesforce President and COO Bret Taylor is all set to become Chairman of the Twitter Board. Taylor succeeds Patrick Pichette who will remain a member of the Board and continue to serve as chair of the Audit Committee.

A graduate of IIT, Bombay, Parag joined Twitter in 2011 and has served as Chief Technology Officer (CTO) since October 2017. He holds a Ph.D. in Computer Science from Stanford University.

"I've decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter's CEO is deep. His work over the past 10 years has been transformational. I'm deeply grateful for his skill, heart, and soul. It's his time to lead," said Dorsey.

Agarwal expressed deep gratitude for his boss and the entire Twitter team in a tweet. He also sent a heartwarming note to the company thanking everyone for their trust and support.

"Thank you, Jack. I'm honored and humbled. And I'm grateful for your continued mentorship and your friendship. I'm grateful for the service that you built, the culture, soul, and purpose you fostered among us, and for leading the company through really significant challenges. I'm grateful for the trust you've put in me and for your continued partnership," said the incumbent Twitter CEO in the note.

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