Twitter CEO Dick Costolo to Step Down

Dick Costolo the CEO of social networking website Twitter, will be stepping down from the post. The news was officially announced by tweets from Twitter itself last night. Twitter Co-Founder and Square’s CEO Jack Dorsey will act as the interim CEO.

Costolo will end his reign officially on 1st july, but he will remain active as a board member for Twitter. Costolo was previously the COO for Twitter, until he took charge as the CEO in 2010 from Evan Williams.

Dorsey will continue to be Square’s CEO, but will fill in for Costolo until Twitter finds a replacement. Dorsey was previously Twitter’s CEO before being forced out and replaced by Co-founder Evan Williams in 2008. Dorsey became Twitter’s Executive Chairman in 2011 when Costolo became the CEO.