Jack Dorsey has announced his resignation from the role of Chief Executive Officer of Twitter after serving for six years.

He named Parag Agrawal, the company’s Chief Technological Officer, as his replacement on Monday.

“Parag has been behind every critical decision that helped turn this company around,” he said.

Dorsey announced his decision on Monday via the same microblogging platform, tweeting, “Not sure anyone has heard, but I resigned from Twitter.”

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His tweet was accompanied by a picture statement explaining his decision. The statement reads in part, “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 to leave. Why?

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“There’s a lot of talk about the importance of a company being “founder-led.” Ultimately, I believe that’s severely limiting and a single point of failure. I’ve worked hard to ensure this company can break away from its founders. There are three reasons I believe now is the right time.

“The first is Parag becoming our 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 understands the company and its needs.”

Dorsey’s role had been threatened for a while, and as far back as 2015 when he took up the role of Twitter’s CEO for the second time, reports of a potential clash of interest with his role at Square, a mobile payments platform he now heads, emerged.