Twitter’s Chief Executive, Dick Costolo is stepping down, the company has announced.
Costolo will officially leave the social messaging service when his post will be taken over by Twitter co-founder Jack Dorsey until a permanent replacement can be found.
This was the announcement made by Twitter about change of leadership at the social messaging firm.
Our CEO, @dickc, will step down as CEO, and we’ll welcome as Interim CEO on July 1 #TWTRannouncement: https://files.shareholder.com/downloads/AMDA-2F526X/5194612x0x835061/73F87749-004E-4043-9144-AAC4E73E53FE
Mr. Costolo, a wealthy former entrepreneur who has led Twitter for the last five years, had grown tired of second-guessing by Wall Street, with its focus on the social network’s sluggish user growth and its repeated failures to make its products more appealing.
However he said he is “tremendously proud of the Twitter team”.
Twitter has formed a committee to undertake the task of finding Costolo’s successor.
Following the announcement, shares in the company jumped by more than 7% in trading after US markets had closed.
Sources say that nowTwitter, which has 302 million active users, faces deep questions about the future of its messaging service, which is built around 140-character snippets of text in a world that is increasingly about photos and video.
