Effective as of July 1st Dick Costolo Twitter’s current CEO will be stepping down. After taking Twitter public at its IPO & seeing it through its biggest period of growth Costolo will be leaving his role. As of now he’ll be remaining on the board while Jack Dorsey co-founder of Twitter will step as CEO in the interim.
— Jack (@jack) June 11, 2015
As of right now Twitter stock has climbed 7% since closing. Costolo has been ridiculed from all sides since taking Twitter public. Being blamed for the lack of direction for the company & the declining growth in users since he took the helm. Investors & the press alike have expressed their thoughts on his replacement for quite awhile. Despite the seemingly forced removal Jack Dorsey had this to say about Costolo’s leave.
One thing I do want to make clear is that this transition is not the result of anything more than Dick deciding to move on from his role as CEO
This will be Dorsey’s 2nd time in the CEO position. It’s also worth noting he’ll retain his role at Square during this time. He’ll serve until a permanent candidate has been named. The board will be considering candidates both within the board & outside of the company. Regardless of the news you can’t ignore the role Dick has played since he originally became CEO five years ago at Twitter. The company was valued at around $3 Billion, in that time since the company has grown to a $23 Billion valuation at the time of his leave. As one chapter closes for Twitter another begins.