Twitter's stock price surged on Monday morning after a report that Jack Dorsey will step down as CEO.

Dorsey confirmed he had stepped down Monday in a tweet, citing his belief that the company should be free from its founder, despite the current "founder-led" culture among businesses. He also cited the strength of the company on its own as a reason for his resignation.

“I want you all to know that this was my decision and I own it,” Dorsey wrote in an email. “There aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.”

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After CNBC reported that Dorsey's departure was imminent, Twitter's share price rose by 11%, although that spike has since settled down.

He will be succeeded by Twitter's chief technology officer, Parag Agrawal. Bret Taylor will become the board chairman.

“My trust in Parag as Twitter’s CEO is deep,” Dorsey said. “His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead.”

Agrawal said he looks forward to serving as the next CEO in a press release.

"I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership," he said. "I look forward to building on everything we have accomplished under Jack's leadership and I am incredibly energized by the opportunities ahead. By continuing to improve our execution, we will deliver tremendous value for our customers and shareholders as we reshape the future of public conversation."

Dorsey said he will resign from the board in May, at the end of his current term, to help make the leadership transition easier. However, he stepped down as CEO immediately.

Until Monday, Dorsey served as the CEO of both Twitter and Square, a digital payment company. The founder of Elliott Management, a key stakeholder in Twitter, previously called for Dorsey to step down from either Twitter or Square.

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Elliott Management sought to replace Dorsey as CEO in 2020 but reached a deal with management. Dorsey, also the founder of Twitter, served as its CEO until 2008, then assumed the role once again in 2015.