Twitter CEO Steps Down

Twitter CEO Dick Costolo will step down on July 1, the social media company announced on Thursday afternoon.

The company’s co-founder Jack Dorsey will serve as interim CEO while the board searches for a permanent replacement. Costolo will maintain a role with the company’s board of directors.

Costolo’s tenure as CEO has come under fire in recent months as the company’s stock price continues to disappoint investors since Twitter went public in late 2013. Some have speculated that Costolo wouldn’t last as CEO through the end of the year. They appear correct.

Read the press release below:

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