Twitter announced Monday that the company's co-founder, Jack Dorsey, was stepping down as CEO and resigning from the company.

The social media giant will be replacing Dorsey with Chief Technical Officer Parag Agrawal.

"Twitter, Inc. today announced that Jack Dorsey has decided to step down as chief executive officer and that the Board of Directors has unanimously appointed Parag Agrawal as CEO and a member of the board, effective immediately," Twitter said in a statement.

"After almost 16 years of having a role at our company...from co-founder to CEO to Chair to Exec Chair to interim-CEO to CEO... I decided it's finally time for me to leave," Dorsey said in his email to the company, which he posted on Twitter.

The former CEO explained why he thought this decision came at the right time, and his reasoning was employee-related in a positive manner.

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The first reason was the new CEO, Parag, and how Dorsey has had him as his choice for this position for a long time, in addition to his understanding of the company and its needs.

"Parag was behind every critical decision that helped turn this company around," he said, praising the new CEO over his curiosity, probing, rationality, creativity, self-awareness, and other qualities.

Another reason was the new board chair of the company, citing several qualities of his, "He understands entrepreneurship, taking risks, companies at a massive scale, technology, product, and he's an engineer."

His third and final reason was Twitter's team and their ambitions and potential to "change the course of this company for the better."

Dorsey highlighted that this decision was tough for him, but "it was my decision and I own it."

The former CEO said he would serve as a board member to help with the transition and then leave because he believes it is really important to "give Parag the space he needs to lead."

Jack concluded the email by informing the team that he would be tweeting it. "My one wish is for Twitter Inc to be the most transparent company in the world," finishing with "Hi mom!"