Twitter CEO Costolo to Step Down July 1
The social media giant's boss will hand the reins back to former CEO Jack Dorsey while the company seeks a path toward profitability.Twitter CEO Dick Costolo, who took over in 2010 for Evan Williams during a major push to grow the social network's advertising business, is stepping down from his position on July 1, the company announced today on its official Twitter accounts. "Dick Costolo to step down as CEO, will remain on Board, and Jack Dorsey appointed Interim CEO, effective July 1," stated a tweet from Twitter Investor Relations (@TwitterIR) this afternoon. Dorsey was Twitter's first CEO until fellow co-founder Williams was named to the position in 2008. A committee consisting of lead independent director Pete Currie, board member Peter Fenton and Williams will lead the search for a permanent CEO, said the company in a statement. Both internal and external candidates will be considered. And suggesting that the next CEO many not necessarily hail from the United States, Twitter said it will retain the services of an executive search firm to assist in a "global search." "I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the Company," said Costolo in a June 11 statement issued by the San Francisco-based social media company. "We have great leaders who work well together and a clear strategy that informs our objectives and priorities."
Dorsey, who currently heads Square, a mobile payments technology firm also headquartered in San Francisco, will split his attention between the two companies, at least in the short term.