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Twitter CEO Dick Costolo Stepping Down

Twitter’s Chief Executive, Dick Costolo, will officially step down July 1st.  His role will be temporarily filled by Jack Dorsey, who is the current chairman of the board and Twitter’s co-founder.  The announcement came late in the week and was not really surprising to many people.  Twitter has been having some trouble after taking the company public in 2013 and failing to provide the growth that many had hoped for.

He has been the CEO since 2010 and while there have been many positive signs through that time, the last couple of years have been difficult for Twitter in many ways.  Last April when twitter reported just $436 million in revenue, which was significantly under the $456.52 that people expected, there were some calls for his resignation.

After the announcement that he would be stepping down, Twitter’s stock jumped by about 7% and important stock analyist Scott Kessler of S&P Capital IQ reiterated his buy rating for the company.

The official statement from Dorsey is that Costolo is stepping down only because he is ready to move on and nothing more, but that is likely just a company line.

The board’s Lead Independent Director, Pete Currie, said of having Dorsey filling the role, “In the meantime, we are fortunate to have Jack – one of our founders – step back into a management role and help lead Twitter as we continue executing on our strategic priorities.”

Dorsey was Twitter’s first CEO, but was ousted in 2008.  Costolo will remain on the board of directors.

Pesach Lattin
Pesach Lattinhttp://www.adotat.com
Pesach "Pace" Lattin is one of the top experts in interactive advertising, affiliate marketing. Pesach Lattin is known for his dedication to ethics in marketing, and focus on compliance and fraud in the industry, and has written numerous articles for publications from MediaPost, ClickZ, ADOTAS and his own blogs.

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