Musk did not specify who will be taking on the role, though The Wall Street Journal is now reporting that NBCUniversal Head of Advertising Linda Yaccarino is “in talks” for the position. In a tweet, Musk announced that he will transition from his role as CEO of the social network to serving as its executive chair and chief technology officer. The new CEO is expected to start in six weeks, according to Musk.

“Excited to announce that I’ve a new CEO for X/Twitter,” Musk wrote in the tweet. “She will be starting in ~6 weeks! My role will transition to being exec chair & CTO, overseeing product, software & sysops.”

Musk purchased the social network last October for $44 billion after initially offering to buy it in April 2022. After the acquisition was complete, Musk took charge as CEO and quickly let go of Twitter’s previous CEO Parag Agrawal and other executive leaders. He then laid off half the social network’s staff in November.

Musk previously said he planned to step down as CEO and appoint a new chief executive before the end of 2023, noting that he would honor the results of a poll asking whether he should remain in charge of the company. However, he has previously not named any prospective candidates.

In his time as CEO, Musk has significantly overhauled Twitter’s policies and features, which has led to several major advertisers pausing spending on the social network. Musk rolled out a revamped, pricier Twitter Blue subscription that allows users to buy verification and recently got rid of old “legacy” verified check marks. The platform has also disbanded its Trust and Safety council and reinstated the accounts of previously banned users, including former president Donald Trump and Rep. Marjorie Taylor Greene.

Musk’s decision to appoint a new Twitter CEO will likely appease Tesla investors, who have been concerned that Musk’s time spent on Twitter is taking him away from his position as CEO of Tesla. Following the news that he found a replacement for the role, Tesla shares surged.

Although Musk will soon no longer be CEO of Twitter, he still owns the company. Musk recently renamed Twitter Inc. to X Corp. He has long aspired to build what he calls “X, the everything app.”