Having left Wall Street unconvinced of its long-term value, Twitter continues to struggle amidst a land of giants where companies like Facebook are soaring while Twitter stagnates.
Consequently, current CEO Dick Costolo confirmed Thursday evening that he is stepping down as chief executive Officer effective July 1st.
We’re told that Twitter chairman and co-founder Jack Dorsey will serve as interim CEO while the search for a new permanent CEO takes place.
“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,” Costolo said in a written statement.
Costolo has served in his current capacity as CEO for 5 years.
“Now Twitter, which has 302 million active users, faces deep questions about the future of its messaging service, which is built around 140-character snippets of text in a world that is increasingly about photos and video,” the NY Times reported late Thursday.