Twitter CEO Dick Costolo To Step Down On July 1

SAN FRANCISCO (CBS SF) – Twitter Chief Executive Officer Dick Costolo has decided to step down effective July 1.

Twitter's (TWTR) Board of Directors has named Jack Dorsey, Co-Founder and Chairman of the Board, to serve as Interim CEO while the Board conducts a search for the next CEO.

Costolo will continue to serve on Twitter's Board of Directors.

"I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the Company. We have great leaders who work well together and a clear strategy that informs our objectives and priorities. 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 as well as a great relationship with Twitter's leadership team. 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 statement.

Twitter's Board has formed a Search Committee that will be conducting a global search for a new CEO.

Already, Snoop Dogg has volunteered for the role, and is getting plenty of support. No response yet from the search committee.

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