Twitter Is On The Lookout For A New CEO As Dick Costolo Steps Down

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Twitter announced that their current CEO, Dick Costolo will step down from the position and and interim one will be appointed as of July this year. In a press release, the company highlighted that Dick Costolo decided to step down as CEO and in his place the board of directors appointed Jack Dorsey, co-founder and chairman of the board. He’ll however continue to serve on Twitter’s Board of Directors.

Dick Costolo was quoted as saying he was proud of the team of what they have been able to accomplish together during the six years he has been with the company. He went to further endorse Jack Dorsey as the interim CEO, saying that the has “profound understanding of the product and Twitter’s mission in the world as well as a great relationship with Twitter’s leadership team” Jack Dorsey.

On the other hand he praised Dick Costolo’s dedication, vision and his efforts of putting up a world class team and a great foundation from which Twitter can grow. He announced that Twitter has an exciting lineup of products and initiatives that will be released to the market and he looks forward to execute that strategy while also facilitating a smooth transition.

The company in the meantime has formed a committee to search for a permanent replacement for the job. They will consider both internal and external candidates for the CEO position

Twitter currently has 302 million active users and it has been experiencing a growth slump over the years when compared to its earlier years.

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