Posted in: Social Networks

Dick Costolo to leave his position as Twitter CEO effective July 1

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Amid mounting concerns over slow user growth, Twitter CEO Dick Costolo has decided to step down from his position effective July 1. He, however, will remain on the company’s Board of Directors.

Co-founder and Chairman Jack Dorsey will assume the role of interim CEO till Twitter finds a permanent replacement – the company has formed a search committee, and said it would consider both internal and external candidates. For those who aren’t aware, Dorsey also co-founded payments start-up Square.

“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,” said Costolo, who became CEO in October 2010.

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