Twitter CEO Dick Costolo hasn't delivered, and now he's out. He announced his resignation on 11th June, 2015.
Many on Wall Street have been calling for Costolo to step down over the
past year, as Twitter (TWTR, Tech30) struggled to add new members and
generate more revenue from its ad products.
"I am tremendously proud of the Twitter team and all that the team has
accomplished together during my six years," Costolo said in a statement
announcing the resignation.
The move was voluntary, which means Costolo won't receive any severance
once he leaves his role on July 1. He'll also forfeit his unvested stock
options.
In a conference call discussing the transition, Costolo said he'd
initiated conversations with the board last year. He said he would
remain on the board.
Twitter stock rose as much as 8% in after-hours trading.
The company's board of directors named Twitter chairman and co-founder
Jack Dorsey interim chief while they search for a new leader. Dorsey
will not receive immediate compensation, and he will also continue to
serve as the CEO of Square, an online and mobile payments startup.
On the call, Costolo said the company is left in the hands of its "ideal leader."
Dorsey launched Twitter as a micro-blogging platform in 2006, as social
media networks were gaining massive popularity. It quickly took off as
an easy and efficient tool to chat and share information online,
especially among the tech and media communities.
Sourced from CNN
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