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Dick Costolo Steps Down As Twitter CEO, Jack Dorsey To Replace

Dick Costolo Steps Down As Twitter CEO, Jack Dorsey To Replace
Richard “Dick” Costolo, CEO of Twitter Inc. [Photo: David Paul Morris, Bloomberg, Getty Images]

Dick Costolo is stepping down as CEO of Twitter, effective July 1. He will be replaced by Twitter cofounder and Square CEO Jack Dorsey, who will be taking over as interim CEO.

“There is no one better than Jack Dorsey to lead Twitter during this transition,” Costolo said in a statement Thursday. “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.”

Costolo had been fielding calls from shareholders to resign over concerns that Twitter has not been growing and generating profits as quickly as they hoped. Just last week, early investor Chris Sacca published an 8,500-word critique of Twitter that prompted stockholders to grill Costolo at the company’s annual shareholder meeting. His apparent resignation comes on the heels of several major tweaks at Twitter, including a new quote functionality, removing the 140-character limit from direct messages, and a growth initiative aimed at the Asian market.

Board members Peter Currie, Peter Fenton, and Evan Williams will look at candidates both within Twitter and outside the company to find a more permanent replacement for Costolo. Interested? Feel free to DM @ev your entire resume.NU