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Dick Costolo
Twitter's embattled CEO is stepping down
Jack Dorsey will take over as the interim CEO.
Updated 9.48pm
TWITTER CEO DICK Costolo is stepping down and will be replaced on an interim basis from next month by co-founder Jack Dorsey, the company has confirmed.
The move comes as the website is struggling to boost its user base after a much-anticipated public offering in 2013.
Costolo guided the San Francisco-based firm through its much-anticipated initial public offering in 2013, but growth has been disappointing and the company has yet to show a profit.
A Twitter statement said he would remain as a member of the Twitter board and that Dorsey would stay as CEO of Square, the financial technology group he founded, during the search for a new chief executive.
Twitter said it formed a committee that will work with “a leading executive search firm to assist in conducting a global search which will consider both internal and external candidates” for CEO.
Dorsey said in the statement:
The future belongs to Twitter thanks in large part to Dick Costolo’s dedication and vision.
In its latest earnings report, in April, Twitter said it had a net loss in the quarter of $162.4 million (€144.25 million).
The company said the number of active monthly users rose above 300 million, but that figure has been growing a pace too sluggish for many investors, and below rivals in social networking.
- © AFP 2015.
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