Dick Costolo, the embattled Twitter’s Chief Executive officer is to step down as the CEO by Wednesday, July 1, 2015.
It was announced on Thursday, June 11, by the company that as Dick Costolo steps down, Twitter’s founder Jack Dorsey, replaces him as the Interim CEO, until a new CEO emerges.
however Costolo is still a member of the Board of Directors for the company.
Dorsey who is also the CEO of Square, the mobile-payments company he founded, had previously served as Twitter CEO from May 2007 to October 2008.
Dorsey who is 38 years, and Costolo who is 51, bothe expressed confidence on Thursday, June 11, 2015 in the company’s direction and said the board is not seeking major changes.
“I believe int eh course the company is on and the management team’s ability to fulfil that and execute it,” Dorsey who is also the board chairman stated.
Costolo also diclosed that he had began talking with Twitter directors about stepping down last year, although he never disclosed what he plans to do next.
He will not be receiving any severance package.
Costolo once worked as a stand-up comedian, bags a degree in computer science and has led three earlier tech start-ups, including one that he sold to Google.
