Twitter's Dick Costolo steps down as chief executive
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 .