Twitter has announced today that its CEO Dick Costolo has decided to step down effective July 1. Twitter's Board of Directors has named Jack Dorsey, the Co-Founder and Chairman of the Board of the company to serve as Interim CEO while the Board conducts a search for Twitter's next CEO. Coastal won't leave Twitter, he'll continue to serve on the Board of Directors, and Dorsey will remain as CEO of Square, Inc. Twitter's Board will now be in search for a suitable candidate to as permanent CEO.

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

orsey said, “The future belongs to Twitter thanks in large part to Dick Costolo’s dedication and vision. Dick has put a world-class team in place and created a great foundation from which Twitter can continue to change the world and grow. We have an exciting lineup of products and initiatives coming to market, and I look forward to continuing to execute our strategy while helping facilitate a smooth transition as the Board conducts its search.”

The Board’s Lead Independent Director, Peter Currie “On behalf of the Board, I want to thank Dick for his years of tireless devotion to building Twitter into the strong and dynamic company it is today, putting us in a superb position for continued growth and innovation for many years to come. We look forward to his continued contributions during the transition period and as an ongoing member of the Board. The Board is fully committed to running a thorough process to identify the right CEO to lead Twitter into its next phase of growth. In the meantime, we are fortunate to have Jack – one of our founders – step back into a management role and help lead Twitter as we continue executing on our strategic priorities.”

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