Dick Costolo Steps Down as Twitter CEO; Jack Dorsey Named Interim CEO

Jack Dorsey, Twitter's co-founder and the current CEO of Square, will take over until a permanent replacement is named.

Dick Costolo is stepping down as the CEO of Twitter, the company announced Thursday.

Jack Dorsey, Twitter’s co-founder and the current CEO of Square, will take over until a permanent replacement is named.

This has been a turbulent year for C-level execs at Twitter, as CFO Anthony Noto is also heading up the company’s marketing department.

Costolo will still be a member of Twitter’s board of directors, but as of July 1, he will no longer hold the CEO title.

Costolo elaborated on the future of the company in a press release:

I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the Company. 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. He has a profound understanding of the product and Twitter’s mission in the world as well as a great relationship with Twitter’s leadership team. I am deeply appreciative of the confidence the Board, the management team and the employees have placed in me over the years, and I look forward to supporting Twitter however I can going forward.

Dorsey, who will continue his duties at Square in the meantime, commented on the change:

The future belongs to Twitter thanks in large part to Dick Costolo’s dedication and vision. Dick has put a world-class team in place and created a great foundation from which Twitter can continue to change the world and grow. We have an exciting lineup of products and initiatives coming to market, and I look forward to continuing to execute our strategy while helping facilitate a smooth transition as the Board conducts its search.

The company has come under scrutiny from investors for underwhelming user growth figures.

Twitter, in addition to the news of a CEO change, reaffirmed its outlook for the second quarter of 2015. Twitter expects revenue to be in the range of $470 million to $485 million.

Readers: What do you think this move means for the future of Twitter?