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Twitter's embattled CEO is stepping down

Jack Dorsey will take over as the interim CEO.

Updated 9.48pm

France Museum Week Dick Costolo Source: Michel Euler/AP/Press Association Images

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.

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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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