While we had heard whispers that Twitter chief executive officer Jack Dorsey was stepping down from his position at the company, a move that extreme seemed unlikely, until it happened of course.

On Monday evening, Jack Dorsey stepped down as Twitter’s CEO while also announcing his replacement. Before we get to that, however, it’s important to understand why Dorsey has stepped down.

“There’s a lot of talk about the importance of a company being ‘founder-led’. Ultimately I believe that’s severely liming and a single point of failure. I’ve worked hard to ensure this company can break away from its founding and founders,” wrote Dorsey.

not sure anyone has heard but,

I resigned from Twitter pic.twitter.com/G5tUkSSxkl

— jack (@jack) November 29, 2021

What is even more noteworthy is that Dorsey won’t stay on and serve on Twitter’s board of directors when he leaves. This, Dorsey says, is because he wants to give his replacement the space he needs in order to lead.

As for Dorsey’s replacement, that would be current chief technology officer, Parag Agrawal. The incoming CEO joined Twitter in 2011 and holds a Ph.D in Computer Science from Stanford University as well as a Bachelor’s Degree in Computer Science and Engineering from the Indian Institute of Technology, Bombay.

“I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership,” Agrawal said in a statement. “I look forward to building on everything we have accomplished under Jack’s leadership and I am incredibly energized by the opportunities ahead. By continuing to improve our execution, we will deliver tremendous value for our customers and shareholders as we reshape the future of public conversation.”

The switch in leadership is effective immediately, but Dorsey will stay on as a member of the board of directors at Twitter until his term expires in 2022.