Twitter boss Jack Dorsey has resigned from his position at the social media company after more than six years.

In a tweet on Monday to his 5.9 million followers, Dorsey said he stepped down as CEO of social media giant Twitter, which he co-founded in 2006. He announced that the company’s board of directors had appointed Chief Technology Officer and Board Member Parag Agrawal to replace Dorsey. “From today”. Dorsey said his decision to step down was based on board approval Agrawal, board member Brett Taylor, who agreed to become the new chairman, and mobility opportunities for other members of the Twitter team.

“I think it is very important to give Barrage a space to lead,” Dorsey said. “I think it is extremely important for a company to be able to stand on its own, regardless of the influence or direction of the founder.”

Dorsey served as Twitter CEO from 2006 to 2008, and then in 2015 after the departure of Dick Costolo. It’s unclear if Dorsey plans to leave the social media company to focus on Square and the platform’s initiative to develop a decentralized bitcoin exchange (BTC).

RELATED: Jack Dorsey Discusses Plans to Create a Decentralized Bitcoin Exchange

On November 19, a decentralized exchange project called tbDEX released a white paper outlining plans to create a messaging protocol designed to provide trust without relying on federation to control access. Although Dorsey has occasionally used his platform to announce the exchange, there are no press reports that he plans to become more involved in the project.

Source: CoinTelegraph