Stone announced on his blog Tuesday afternoon that he is "getting out of the way" at Twitter and making better use of his time by teaming up again with another Twitter co-founder, Evan Williams, along with former Twitter product chief Jason Goldman to restart the Obvious Corp., which helped to kick start Twitter.
Obvious Corp. will focus on developing new projects.
Stone added that he will continue on part-time at Twitter, but will also focus a good part of his time helping schools, non-profits, and company advisory boards, as well as working on The Biz and Livia Stone Foundation.
"My work on Twitter has spanned more than half a decade and I will continue to work with the company for many years to come," Stone wrote. "During this time, especially lately, it has come to my attention that the Twitter crew and its leadership team have grown incredibly productive. I've decided that the most effective use of my time is to get out of the way until I'm called upon to be of some specific use."
Twitter CEO Dick Costolo will remain at Twitter's helm.
This isn't the first management switch at Twitter. Just last October, as the company's CEO, making room for Costolo, who had been Twitter's COO, to take over as the company's top executive. Williams was reported to be focusing his efforts on "product strategy."
With Costolo -- known as a tech entrepreneur and overall business type -- in charge, the company recently swooped in and acquired TweetDeck . The move successfully undermined a deal that Twitter-rival UberMedia was trying to work out to acquire TweetDeck itself.
This past May, Twitter's Chief Technology Officer, Greg Pass, stepped down from his executive position and left the company, as well.
Twitter spokeswoman Carolyn Penner did not give any reason for Pass' departure at the time, but said they were not looking to fill the now empty position.
Sharon Gaudin covers the Internet and Web 2.0, emerging technologies, and desktop and laptop chips for Computerworld. Follow Sharon on Twitter at @sgaudin or subscribe to Sharon's RSS feed . Her e-mail address is email@example.com .
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This story, "Twitter Co-founder Biz Stone Steps Away" was originally published by Computerworld.