Twitter CEO Dick Costolo has stepped down from his position today, June 11th, 2015.
Jack Dorsey, his co-founder for the social media site, will step in as interim CEO.
Costolo has been feeling the heat for a while now, as it was claimed that Twitter was failing in revenue streams and not hitting their intended targets. Costolo has also stepped down amid allegations that Twitter usage has stagnated and the site just is not bringing in the same kind of content stream it used to produce.
The shocking announcement was made at the US Securities and Exchange commission.
In his statement on stepping down, Costolo said:
“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...”
Many investors and analysts have called for the shakeup.
Costello oversaw the rise of Twitter, leading to millions of users flocking to the social media site, and billions of monthly active users, which really makes his stepping down even more shocking.
Jack Dorsey, in a statement, said:
“We have an exciting lineup of products and initiatives coming to market, and I look forward to continuing to execute our strategy while helping facilitate a smooth transition as the board conducts its search [for a new CEO].”
Twitter has effectively become an institution in our everyday lives and has a sense of establishment within society, a resounding verb used in everyday speech. Dick Costolo was a great part of that, since he replaced Ev Williams in 2010.
Costolo will step down, effective on July 1st 2015.
Popwrappers, thoughts on the shake up? And are you a twitter addict, or find yourself more of a Facebook fiend? Let us know!
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