CEO Dick Costolo will be stepping down from his position at Twitter and co-founder Jack Dorsey will step in as interim CEO while the company seeks out a new CEO. Costolo will remain on the Twitter board, but during a conference call later on said that he had been considering departing the company at the end of 2014.
In a statement Dick Costolo talked about his role in Twitter and how proud he was of all the company had managed to accomplish and grow into. He also thanked the board for their confidence in him during his run as CEO and showed confidence in Dorsey’s abilities to lead the company while the board found a new replacement.
“We have great leaders who work well together and a clear strategy that informs our objectives and priorities,” 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.”
Joining Twitter as its COO in the fall of 2009, Costolo would become its CEO a year later after co-founder and chairman Jack Dorsey handed over the CEO reigns to fellow co-founder Evan Williams. Not too long after that, Williams stepped down to focus on the hands-on part of Twitter which is where Costolo came in.
Costolo is officially scheduled to hand the position over to Dorsey on July 1st.