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Twitter CEO Dick Costolo resigns

Dick Costolo, Twitter CEO announces his resignation effective on July 1 after six years of service in the microblogging site. Twitter Chairman and Co-founder, Jack Dorsey will serve as the Interim CEO while the Board conducts its search for the next CEO.

The Board already formed a Search Committee to lead the search for a permanent CEO. This Committee is chaired by Peter Currie, the Board’s Lead Independent Director. He will be joined by Peter Fenton and Evan Williams. The search will also be assisted by a leading executive search firm.

In a statement, Costolo said: “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 place in me over the years, and I look forward to supporting Twitter however I can going forward.”

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