Dick Costolo

Twitter Inc. has announced that its current CEO, Dick Costolo, will be stepping down from the position by July 1.

Twitter stated this via a news release, but says Costolo will continue to be on Twitter’s board of directors.

Meanwhile, the board of directors has named Jack Dorsey, co-founder and chairman of the board, as the interim CEO while the search for a permanent CEO continues. “Costolo will continue on Twitter’s board of directors while Dorsey will continue to serve as CEO of Square Inc., a payments and financial services company he co-founded in 2009,” an excerpt from the media release reads.

“I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the Company,” Dick Costolo says, “ We have great leaders who work well together and a clear strategy that informs our objectives and priorities.”

The board’s lead independent director, Peter Currie, will head the search for a permanent CEO including Peter Fenton and Evan Williams. The committee will also retain a leading executive search firm to assist in a global search, which will include internal and external candidates for the position.

Photo Credit: TechCrunch via Compfight cc

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