The day that many have either been waiting for or dreading has finally arrived. Jack Dorsey is officially stepping down as CEO from the platform he co-founded 15 years ago.

“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement released by Twitter. “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.”

Dorsey has caught heat in recent years for serving as CEO for Twitter and fintech company Square. Parag Agrawal, a board member and former chief technology officer, was appointed CEO effective immediately, and Dorsey will remain a member of the board until his term expires at next year’s stockholders’ meeting