Twitter’s co-founder Jack Dorsey on Monday announced that he has stepped down from the role of the microblogging site’s chief executive officer. Parag Agrawal, the company’s chief technology officer, will replace Dorsey immediately.

Agarwal is an alumnus of an Indian Institute of Technology-Bombay, reported The Indian Express.

In a statement, Dorsey said that there was three reasons that he chose to resign. He said that it was because Agrawal was taking his place and entrepreneur Bret Taylor becoming a member of the board. The third reason, he said, was the people who had the potential to change the course of the company.

Reacting to the development, Agarwal shared a note on Twitter, saying: “Deep gratitude for Jack Dorsey and our entire team, and so much excitement for the future... Thank you all for your trust and support.”

In early 2020, Dorsey had faced calls from Elliott Management Corp to step down from his post after a hedge fund argued that he was paying little attention to the company while running payments processing company Square Inc.

Dorsey had fended off the pressure by giving Elliott and its ally seats on Twitter’s board of its buyout firm Silver Lake Partners.