Dick Costolo is stepping down as the CEO of Twitter, the company announced Thursday.
Jack Dorsey, Twitter’s co-founder and the current CEO of Square, will take over until a permanent replacement is named.
This has been a turbulent year for C-level execs at Twitter, as CFO Anthony Noto is also heading up the company’s marketing department.
Costolo will still be a member of Twitter’s board of directors, but as of July 1, he will no longer hold the CEO title.
Dick Costolo to step down as CEO, will remain on Board, and Jack Dorsey appointed Interim CEO, effective July 1
— TwitterIR (@TwitterIR) June 11, 2015
Costolo elaborated on the future of the company in a press release:
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.
Dorsey, who will continue his duties at Square in the meantime, commented on the change:
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 company has come under scrutiny from investors for underwhelming user growth figures.
Twitter, in addition to the news of a CEO change, reaffirmed its outlook for the second quarter of 2015. Twitter expects revenue to be in the range of $470 million to $485 million.
Readers: What do you think this move means for the future of Twitter?