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Twitter CEO and co-founder Jack Dorsey is resigning as CEO, effective immediately, according to a statement he released Monday.

He said Parag Agrawal, chief technology officer, will assume the role of CEO.

"I've decided to leave Twitter because I believe the company is ready to move on from its founders," Dorsey said. "My trust in Parag as Twitter's CEO is deep. 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."

Twitter became profitable under Dorsey's leadership but was widely criticized for censoring content it deemed misleading or objectionable, including suspending the accounts of some conservative voices, including former President Donald Trump's.