Twitter CEO Dick Costolo to step down on July 1st; Jack Dorsey to become Interim CEO

       Twitter announced on Thursday that CEO Dick Costolo will step down from his position, effective from July 1st.

Jack Dorsey, the co-founder and Chairman of Twitter, will serve as interim CEO while the board of the company searches for a long term CEO.

In a press statement released by Twitter, Dorsey who is currently the CEO of Square will continue to lead the company while serving as Twitter's interim CEO.

 Costolo has been under fire lately after Twitter stock price fell, also for failing to generate revenue and profit for the company.

It was also reported that Twitter user base have stalled out. Earlier this year, an internal Twitter memo by Costolo was leaked, in which he said he was 'frankly ashamed' at how poorly Twitter handled trolling and abuse.

He said: "We suck at dealing with abuse and trolls on the platform and we've sucked at it for years." Costolo admitted that Twitter had lost users as a result of this issue.

After announcing he is stepping down as CEO, 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," he added.

Meanwhile Co-founder Jack Dorsey, 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."

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