Twitter CEO Jack Dorsey is planning to step down from his role with the social media company, CNBC first reported Monday.
Dorsey, 45, co-founded the company in 2006, only to be forced out as CEO by the board in 2008. He returned to the position in 2015.
It’s unclear who his successor might be.
Twitter’s stock jumped more than 10% following news of Dorsey’s expected resignation, prompting a suspension in trading.
In April, Twitter reported having 199 million monetizable daily active users and raking in $1.04 billion in revenue.
Dorsey is also the CEO of the financial payments company Square, a potential source of conflict.