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Dick Costolo to step down as Twitter CEO

By Kenny Yeo - on 12 Jun 2015, 10:19am

Dick Costolo to step down as Twitter CEO

 Source: The New York Times.

Twitter has just officially announced that its CEO, Dick Costolo, will be stepping down effective July 1.

In his place, the Board of Directors has named Jack Dorsey as Interim CEO. Dorsey is a Twitter co-founder and CEO of Square, a company that deals with mobile payments and develops small business platforms.

According to reports, Costolo was sick of constant scrutinizing by Wall Street investors, especially after recent changes have failed to make Twitter more appealing and user base growth has been sluggish in the past couple of months.

In a note to investors, Costolo said: "There is never, ever the right time to begin a transition like this." But he also added that the best time to do so is when "the organization is stable and the product is robust."

Meanwhile, Jack Dorsey will serve as Interim CEO as the Board conducts a search for a permanent replacement. No names have been put forth yet, but some reports suggest that Twitter's CFO Anthony Noto or Head of Revenue and Partnership Adam Bain could be an ideal replacement.

Twitter's share prices rose about 7% after the announcement of Costolo's department was made.

Source: The New York Times

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