Twitter CEO, Dick Costolo, steps down

TWITTER chief executive Dick Costolo is stepping down and will be replaced on an interim basis by co-founder Jack Dorsey, effective July 1.

epa03865068 (FILE) A file photograph showing Twitter CEO Dick Costolo attends a Twitter seminar during the 59th edition of the International festival of creativity, Cannes Lions in Cannes, France, 20 June 2012. Social media company Twitter announced on 12 September 2013 through its own service that it has filed paperwork for a planned initial public offering of shares. EPA/SEBASTIEN NOGIER *** Local Caption *** 50396927

TWITTER chief executive Dick Costolo is stepping down and will be replaced on an interim basis by co-founder Jack Dorsey, effective July 1, the company says.

The announcement comes with the one-to-many messaging platform struggling to boost its user base after a much-anticipated public offering in 2013.
Costolo will remain on the company’s board while chairman and co-founder Jack Dorsey will take the position on an interim basis. Twitter will look to fill the position both internally and externally.

Stepping down ... Dick Costolo held the position of CEO at Twitter for five years from October 2010 until June 2015. Picture: Tomohiro Ohsumi/Bloomberg

In a statement released Thursday, Costolo said: “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.”
Dorsey previously served as CEO from May 2007 to October 2008.