From InfoWorld: Embattled Twitter CEO Dick Costolo will leave the social networking company on July 1, a move that comes after months of intense pressure from disgruntled investors.
Twitter co-founder and Chairman Jack Dorsey will be taking over as interim CEO while the company looks for a new chief executive, the company announced Thursday. This doesn't appear to be a Steve Jobs-esque return to the company for Dorsey, who will remain CEO of Square, the payments company he co-founded in 2009. Costolo will remain on Twitter's board of directors.
The search for Costolo's replacement will be conducted by a committee formed by Twitter's board of directors. It will be helmed by Peter Currie, the former Netscape CFO and Twitter's lead independent director. Company co-founder Evan Williams and venture capitalist Peter Fenton will also serve as members of the committee. Internal and external candidates will be considered for Twitter's top job.
Twitter's financial performance has been a consistent source of frustration and disappointment for many investors who have been calling for Costolo's head for the better part of a year. The firm has yet to post a profit since its initial public offering in 2013. Furthermore, the company's revenue growth has slowed over the past few quarters, and its first quarter revenue came in below analyst expectations.
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