Twitter CEO Costolo to Step Down

Chairman & Cofounder Jack Dorsey Named Interim Chief Exec
Dick Costollo 400x300.jpg

Twitter’s chief executive Dick Costolo has said he will step down on July 1.

As the company looks for a new CEO, chairman and cofounder Jack Dorsey will take over as interim chief executive.

The move comes as Twitter has been struggling to achieve the kind of grow investors had hoped.

In making the announcement, the company noted that Costolo (pictured) will continue to serve on Twitter’s Board of Directors, and Dorsey will continue to serve as CEO of Square, Inc., the payments and financial services company he co-founded in 2009.

In a statement, Costolo said, “I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the Company. We have great leaders who work well together and a clear strategy that informs our objectives and priorities. There is no one better than Jack Dorsey to lead Twitter during this transition. He has a profound understanding of the product and Twitter's mission in the world as well as a great relationship with Twitter's leadership team. I am deeply appreciative of the confidence the Board, the management team and the employees have placed in me over the years, and I look forward to supporting Twitter however I can going forward.”

In another statement, Dorsey praised Costolo’s “dedication and vision” and thanks him for “his years of tireless devotion to building Twitter.”

Read more at B&C.