Twitter has announced that co-founder Jack Dorsey was stepping down immediately as CEO, with the company’s chief technical officer Parag Agrawal replacing him.

The company said in a statement that Twitter, Inc. announced that Jack Dorsey has decided to step down as chief executive officer and that the Board of Directors has unanimously appointed Parag Agrawal as CEO and a member of the board, effective immediately.

Twitter’s stock, which has consistently underperformed the market, jumped more than 10 per cent at the opening bell Monday.

CNBC first reported that Dorsey may step down soon, citing anonymous sources.

Twitter Inc. did not immediately respond to a request for comment from The Associated Press early Monday.

Dorsey is also the top executive at Square, a financial payments company that he founded, and some big investors have openly questioned whether he can be effective leading both.

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