Twitter announced this afternoon that embattled CEO Dick Costolo will step down on July 1. He will be replaced by Twitter co-founder Jack Dorsey on an interim basis while the social network searches for another chief executive.
Costolo is set to stay on Twitter’s Board of Directors. Dorsey will remain CEO of Square, Inc., a financial services company he co-founded in 2009.
The board already set up a search committee to find another CEO.
“I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the Company,” Costolo said in a statement. “We have great leaders who work well together and a clear strategy that informs our objectives and priorities.”
“The future belongs to Twitter thanks in large part to Dick Costolo's dedication and vision,” Dorsey added.
While Twitter remains a popular social network for those already using it, it has failed to come up with ways to grow financially since going public.
As USA Today notes, investors have wanted Costolo to resign ever since earnings were terrible in the first quarter of 2015, coming in well below expectations. Shares have also fallen 20 percent since it went public in 2013. However, Twitter stock did climb 7.3 percent in after-hours trading after Costolo’s announcement.
Some have also wondered if Twitter can stay independent from other tech giants, like Google or Apple, much longer if it doesn’t show significant growth soon.
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