Readers like you keep news free for everyone.

More than 5,000 readers have already pitched in to keep free access to The Journal.

For the price of one cup of coffee each week you can help keep paywalls away.

Support us today
Not now
Advertisement

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.

Making a difference

A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article.

Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

For the price of one cup of coffee each week you can make sure we can keep reliable, meaningful news open to everyone regardless of their ability to pay.

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.

Read: Gerry Adams and Mary Lou have blocked Maíria Cahill on Twitter >

About the author:

AFP

Read next:

COMMENTS (16)