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Twitter's Dick Costolo steps down as chief executive

Published 11/06/2015

Twitter CEO Dick Costolo is stepping down but will remain on Twitter's board of directors
Twitter CEO Dick Costolo is stepping down but will remain on Twitter's board of directors

Twitter CEO Dick Costolo is stepping down, the company has announced.

The social network's co-founder and Square CEO Jack Dorsey will take over as interim chief on 1 July .

"I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the company," Mr Costolo said in a statement.

"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

"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 will remain on Twitter's board of directors. Shares of $TWTR rallied with Twitter’s share price up 7% in after-hours trading.

Costolo's departure comes just months after he said Twitter ‘sucks’ at protecting users from abuse .

Further reading

Twitter cracks down on 'revenge porn' and 'doxing' in user policy sharpening

Twitter blames Apple iOS 8 for losing millions of users

Twitter deal with Google will put tweets straight into search results

Twitter ‘sucks’ at protecting users from abuse, says CEO Dick Costolo

Twitter IPO: Investors in fine feather after $30bn float  

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