VANCOUVER - Hootsuite Inc. CEO Ryan Holmes says he plans to step down as head of the company.

He says the Vancouver-based company has started a search for his replacement and that once found he plans to step into the role of executive chairman.

Holmes, who announced the news on Twitter, did not say why he had decided to step down.

He founded the social media management company in 2008 and says it now has more than 1,000 employees supporting over 200,000 organizations.

The company, which allows users to manage multiple social media accounts and provides analytics on them, announced some job cuts earlier this year as part of a realignment of its strategic priorities.

The value of the private company has been a source of speculation, but Holmes said in 2017 that it was worth over a billion dollars.