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Twitter's Dick Costolo to step down as CEO
Twitter Inc said Dick Costolo is stepping down as chief executive and will be replaced by co-founder Jack Dorsey on an interim basis.
Published : 11 June 2015, 08:39 PM
Updated : 11 June 2015, 08:39 PM
The company's shares rose 7.7 percent to $38.60 in after-market trading on Thursday.
Costolo, who will step down on July 1, will continue to serve on the board, the company said in a regulatory filing.
Costolo has agreed to cancel all of his remaining unvested equity in Twitter after July 1.
Dorsey, who will continue to serve as CEO of Square Inc, has served as Twitter's president and CEO from May 2007 to October 2008.
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