Dick Costolo is stepping down as CEO of Twitter, effective July 1, the company announced today.
Twitter co-founder Jack Dorsey will serve as interim chief executive while the company looks for a replacement. Mr. Costolo will continue to serve on Twitter's board, and Mr. Dorsey will maintain his role as CEO of the payments company Square.
"I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the company," Mr. Costolo said in a statement. "We have great leaders who work well together and a clear strategy that informs our objectives and priorities. There is no one better than Jack Dorsey to lead Twitter during this transition."
In April, Twitter reported its weakest quarterly revenue increase since going public, setting investors on edge who pushed the company's stock price down roughly 20%. The company also made a puzzling move around that time when it gave control of its marketing department to Chief Financial Officer Anthony Noto. Last May, Mr. Noto told investors at the JP Morgan Global Technology, Media, and Telecom conference in New York that Twitter's board wants to elevate the "importance of marketing as a key component of everything we do … but marketing really needs to permeate product, it needs to permeate content and it needs to permeate media and it's a really huge opportunity in front of us."