By Sahil Patel
Twitter CEO Dick Costolo is stepping down on July 1. Co-founder and chairman Jack Dorsey will take over in the interim as the company searches for a new permanent replacement.
The news was shared by Costolo via his Twitter account (naturally). In a release, Twitter said Costolo won’t be completely leaving the company, as he will continue to serve on its board of directors.
In the meantime, Twitter’s board has formed a search committee to find a new CEO. It is chaired by the board’s lead independent director, Peter Currie, and includes Peter Fenton and Evan Williams. Both internal and external candidates will be considered for the position, the company said.
Costolo has been under fire ever since taking Twitter public in 2013, largely due to concerns over slow user growth.
While one of the top social networking platforms for people to communicate and share content, Twitter, which owns Vine and Periscope, has worked hard to add more native video to its platform. It’ll be interesting to see how — or even if — that changes when a new chief executive is in place.