On Monday, Twitter CEO Jack Dorsey announced that he will be stepping down from his role at the social media company. It was previously reported by CNBC that, according to sources who spoke with the outlet’s David Faber, Dorsey was expected to step down.

“Hello team,” Dorsey wrote in an email to Twitter employees that was also posted on his profile. “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. Why?”

“There’s a lot of talk about the importance of a company being ‘founder-led,’” he continued. “Ultimately I believe that’s severely limiting and a single point of failure. I’ve worked hard to ensure this company can break away from its founding and founders.”