Twitter CEO Dick Costolo Steps Down After 6 Years With The Company
The social media giant announced Thursday that Twitter CEO Dick Costolo will resign as head of the company. His last day will be July 1, but he will still serve on the board of directors. According to a press release from Twitter, Jack Dorsey, co-founder and chairman of the board, will act as interim CEO while a search for a permanent replacement is underway. Costolo, who had been with the company for six years, said in the news release:
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 took over as CEO in 2010, when co-founder Evan Williams stepped down as head of the company. Costolo had previously served as COO.
After Twitter's Investor Relations account tweeted Costolo's resignation (because of course), Costolo replied with a simple and sweet message directed toward Dorsey, who has an incredibly enviable Twitter handle.
Costolo recently made headlines in February when he took responsibility for Twitter's problem with harassment on the social media platform. "We suck at dealing with abuse and trolls on the platform and we've sucked at it for years," he said. He called the issue "embarrassing" and vowed to fix the situation.
And actually, Twitter just announced Wednesday a new tool that will help prevent trolls from harassing users on the site. The new "block list" feature allows users to share their lists of who've they blocked, and users can import others' lists in order to block known trolls. It's a big step forward in identifying — and ignoring — people who flock to the platform in order to harass others.
According to TIME, investors and shareholders had been calling for a shake-up in Twitter's leadership. Costolo had outlined a long-term vision for the company — which saw a revenue of $1.3 billion in 2014 — but there was incredible pressure to deliver on that vision and prove growth in the company.
In Twitter's news release, Dorsey said:
The future belongs to Twitter thanks in large part to Dick Costolo’s dedication and vision. Dick has put a world-class team in place and created a great foundation from which Twitter can continue to change the world and grow. We have an exciting lineup of products and initiatives coming to market, and I look forward to continuing to execute our strategy while helping facilitate a smooth transition as the Board conducts its search.
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