Twitter founder and CEO Jack Dorsey is stepping down as the company’s leader, according to news reports.
Dorsey, 45, and the Twitter board have reportedly settled on a successor, but the name has not been made public, Reuters reported, citing an unnamed company source.
Dorsey’s most recent tweet, posted Sunday, simply said, “I love twitter.”
Dorsey founded the microblogging service in 2006 and was CEO until 2008 when he was pushed aside only to return to the top spot in 2015.
Last year, Elliott Management, a major stakeholder in the company, wanted Dorsey to choose between being CEO of Twitter or CEO of Square, a digital payment company he founded.
Twitter had not commented on Dorsey’s future with the company
Twitter’s stock value rose on the news.
Some information in this report came from Reuters.