By Tim Maytom
Dick Costolo is to step down as CEO of Twitter following a long period of criticism which has seen him under fire for the company failing to hit revenue targets and the social network’s growth slump dramatically.
Costolo’s exit was announced in a filing with the US Securities and Exchange Commission, which states that he will step down on 1 June, and continue to serve on the board of directors for the company.
“I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the company,” said Costolo. “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.”
According to one Twitter employee, Costolo received a standing ovation when he announced the news, suggesting that despite the criticism he faced, he still has the support of much of the company.
One of the original founders of the firm, Jack Dorsey, will serve as interim CEO, while also still acting as CEO for mobile payments company Square, which could well lead to complications.
“The future belongs to Twitter …read more
Source:: Mobile App News