Dick Costolo will be stepping down as CEO of Twitter on July 1. Cofounder and chairman Jack Dorsey will replace him on an interim basis while Twitter’s board searches for a new CEO.
Twitter’s stock has risen 7 percent in after-hours trading on the news.
According to a release from the company today, Costolo will continue on as a board member. He moved into the CEO position six years ago and led the company as it went public. However, investors have been consistently disappointed in Twitter’s developments, with the stock price hitting a peak in January 2014.
Just two weeks ago, Costolo said at the Re/code Code conference that he and the Twitter board were “completely in sync.”
Our CEO, @dickc, will step down as CEO, and we’ll welcome @jack as Interim CEO on July 1 #TWTRannouncement: http://t.co/q8Ygg91jzc
— Twitter (@Twitter) June 11, 2015
Welcome back, @jack !! https://t.co/3papmyUKg0
— dick costolo (@dickc) June 11, 2015
