Twitter has announced that Dick Costolo will step down from the position of CEO, effective July 1 2015. Jack Dorsey, Chairman of the Board, has been named as the interim CEO while the board conducts a search for the next Twitter CEO.

Dick-Costolo-Twitter

Costello will continue to serve on Twitter’s Board of Directors while Dorsey will remain as the CEO of Square, the payments and financial services company he currently heads.

The Twitter Board’s Search Committee has said that it will collaborate with executive search firms and will consider both internal as well as external candidates for the CEO position.

Dorsey was previously pegged as the person who would replace Costello as the CEO of Twitter, but now it seems that he’ll only serve during the transition period. Jack Dorsey is a renowned leader in the tech space and has a great relationship with the Twitter leadership team.

image source: Wikipedia

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