Twitter Inc Chief Executive Officer (CEO) and co-founder Jack Dorsey will step down from his role, news agency Reuters reported.

As per reports, 45-year-old Dorsey and Twitter’s board have settled on his successor.

According to CNBC, Parag Agrawal, the company’s chief technology officer, will take over as CEO of the company.

The company’s board has been preparing for Dorsey’s departure since last year, said a report.

Twitter was not immediately available for comment. Shares of the microblogging platform surged 9% in early trading, while those of digital payments firm Square Inc, which is also helmed by Dorsey, were up 3%.

In his last tweet on Nov. 28, Dorsey said: “I love twitter”. The likes on that tweet surged to more than 54,000 on Monday.

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