Confirmed! Jack Dorsey will step down as Twitter CEO, and Twitter CTO Parag Agrawal will replace him. The social media company announced confirmed it on Monday, Nov. 29, the same day when news came about shares of Twitter were down about half a percent.

Dorsey, 45, served as both the CEO of Twitter and Square, a digital payments company. Although he stepped down as CEO, the tech company clarified that the 45-year-old billionaire technology entrepreneur will remain a member of the board until his term expires at the 2022 meeting of stockholders. 

There will be some changes in the company. According to CNBC, Salesforce (software company headquartered in San Francisco), President and COO Bret Taylor will become the chairman of the board, succeeding Patrick Pichette, a former Google executive. Pichette will remain on the board as chair of the audit committee.

"I've decided to leave Twitter because I believe the company is ready to move on from its founders," Dorsey said in a statement via CNBC.