Elon Musk's tenure as the Twitter chief has been chaotic and dramatic.
Musk has been contemplating stepping down as the CEO for a while.
On Thursday, Elon Musk tweeted, “Excited to announce that I’ve hired a new CEO for X/Twitter.
He added, "She will be starting in ~6 weeks! My role will transition to being exec chair & CTO, overseeing product, software & sysops.”
According to a Variety report, Linda Yaccarino will be joining the social media giant as the CEO. She is the chairperson, global advertising and partnerships, of NBCUniversal for a decade.
In December last year, a majority of people voted Yes in a poll conducted by Musk asking users if he should step down as Twitter's CEO.
Since the acquisition, Twitter's value has dropped to $20 billion and many high-profile names have quit the platform because of Musk.
The billionaire has fired nearly half of the company's workforce, stopped paying office rent, or to company vendors, and has introduced the polarizing Twitter Blue policy.