Twitter CEO Costolo quits

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Twitter, Inc. has announced that Richard Costolo stepped down as Chief Executive Officer of Twitter, effective July 1, 2015. Twitter’s Board of Directors have named Jack Dorsey, Co-Founder and Chairman of the Board, to serve as Interim Chief Executive Officer while the Board conducts a search for Twitter’s next CEO.

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Twitter stated that Costolo will continue to serve on the company’s board of directors. Dorsey, who quit Twitter earlier and tok over as CEO of Square Inc, will continue to keep his job at Square Inc. and will also temporarily take care of Twitter until Twitter finds a permanent replacement.

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Costolo had joined Twitter in 2009 as chief operating officer, and took over the CEO chair a year later when co-founder Ev Williams stepped down from the top job.

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