Twitter is going through some major changes in its staff. It is recently reported that Twitter’s CEO, Dick Costolo, is stepping down on July 1, according to a letter sent out to shareholders. Co-founder Jack Dorsey will be taking his place instead as interim CEO.
Dorsey right now is CEO of payments company Square, so he’ll be taking on double head-honcho duties for a while as Twitter’s Board of Directors continues its hunt for a permanent CEO. The letter provides no details on why Costolo is stepping down or his future plans. It’s possible Costolo is not resigning of his own volition, as rumors of his resignation have been flying around for months, and investors have worried Twitter isn’t growing quickly enough. The company’s stock jumped immediately following the announcement.
Well in any case of whoever becomes a CEO – and it’s certainly possible Dorsey could be there for a long run – it’s likely he or she will look to reinvent the platform to counter stagnating user growth and create more revenue sources.