Twitter Inc Chief Executive Officer Jack Dorsey will step down from his position and a replacement is being drafted an individual who was aware of the matter said to Reuters.

The board of directors at the company has been working on Dorsey’s departure from the company since last year, a source told.

The announcement comes at a time when Twitter has increased the speed of product innovation in the past year in order to keep up with competitors in the social media space like Facebook Inc (FB.O) and TikTok and reach its target of doubling its annual revenue in 2023.

There was no statement on the matter from Twitter.

The shares of the microblogging site have risen 9% during the first days of trading. Meanwhile, shares of the digital payments company Square Inc, of which Dorsey is the chief executive, climbed 3percent.

The trading of the shares was stopped in anticipation of an announcement expected later.

In his latest tweet , November. 28 Dorsey declared: “I love twitter”. Twitter’s “likes” on that tweet increased to over 54,000 on Monday.

In the early months of 2020 Dorsey received calls from Elliott Management Corp to step out, as the hedge fund claimed that the CEO was not paying enough attention to Twitter as he also ran the payment processing company Square Inc.

Dorsey has resisted the pressure by granting Elliott and its partner the purchase firm Silver Lake Partners, seats on Twitter’s board.

However, Walmart Inc said on Monday that long-time director Brett Biggs will step down from his position as chief financial officer of the world’s biggest retailer later in the year.

Biggs who has been working as CFO since the year 2015, will continue in his position till a replacement is appointed in the coming year, Walmart said, adding that Biggs will continue to serve Walmart as a board member for its fintech venture until the end of January 2023.

The company, which is which is a joint venture between Ribbit Capital and the investment company Ribbit Capital, is aiming to create financial products for Walmart’s employees as well as customers.

Biggs led a time of rapid changes for Walmart when the brick-and-mortar store began and expanded a range of initiatives that aimed to improve its online business as well as an membership program that helped fight off the competition of Amazon.com Inc (AMZN.O).

Biggs was hired by the business in 2000 was in various posts in the finance department of the company which included CFO of the international division of the business and U.S. commercial. He was also the senior vice-president of acquisitions, mergers and mergers.

Under his leadership, Walmart made its biggest foreign investment when it signed an agreement worth $16 billion to purchase an entire part of Indian internet marketplace Flipkart. To combat Amazon’s competition, Amazon, Walmart has also intensified its online business by signing deals to purchase clothing retailers Modcloth as well as Bonobos.

Walmart announced on Monday that it was evaluating internally and from outside candidates for replacing Biggs as it deals with the supply chain crisis that has hit the world which has resulted in the closing of shelves and delays in deliveries

(Adapted from Reuters.com)