Twitter's current Chief Technology Officer Parag Agrawal will step in.

On Monday morning, Twitter co-founder and CEO Jack Dorsey announced that he is stepping down. Dorsey will be succeeded by Chief Technology Officer Parag Agrawal.

Dorsey will remain on the board until 2022, when his term expires.

In a letter posted to his Twitter account, Dorsey wrote:

Shares of Twitter surged Monday morning following the first report of Dorsey stepping down as CEO. Twitter’s stock jumped more than 10% at the opening bell Monday before trading was halted pending news.

CNBC first reported the news, citing anonymous sources.

On Sunday, Dorsey sent out a tweet, simply stating:

*This story will be updated as we learn more. Refresh for updates!

Featured image courtesy of jdlasica (Flickr), via Commons Wikimedia