Jack Dorsey is stepping down as Twitter CEO

NEW YORK (CNNMoney) — Jack Dorsey is stepping down as Twitter CEO. He will become executive chairman and an adviser to the company, Twitter announced Friday.

“After eight years leading Twitter, I decided it was time for me to return to the company I helped found and spend more time leading Square,” Dorsey wrote in a tweet.

“I’m proud of everything we’ve built together at Twitter, and confident in our future. There is so much opportunity ahead of us, and I’m looking forward to the new roles that will allow me to spend more time focusing on Square and thinking even more deeply about product development and growth.”

Dorsey founded Twitter in 2006, served as its interim CEO for six months in 2008 and was again interim CEO for six months from 2009 to 2010. In 2011, he was appointed CEO, but stepped down the following year to be an executive chairman at Square, the mobile payment company he founded.

Dorsey returned to Twitter as its full-time CEO in June 2015, and has led the company ever since. Before Twitter, Dorsey was an early investor and board member at both Square and Twitter.

“Jack is simply the best executive in the industry,” investor Chris Sacca wrote in a tweet Friday. “Jack and I believe his experience and presence will be a critical resource for leadership in the coming years.”

Twitter shares closed trading at $14.29, up 8.9% on Friday. The stock has dropped more than 17% in 2018.

The decision to split up the CEO roles at Twitter and Square was made by Dorsey, according to the company.

Twitter said it will update its board of directors “as appropriate.” The changes are effective immediately.

There is still speculation about who will become Twitter’s next CEO.

Dorsey’s last day at Twitter is July 31. He is expected to remain involved in running the company in an advisory role.

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