Twitter CEO Dick Costolo To Step Down

17170

Dick Costolo, who helped turn the message start-up Twitter into a global town square, is stepping down amid criticism over the company’s disappointing financial performance and a recent stock slide.

Jack Dorsey, a co-founder who served as CEO during Twitter’s early years, will temporarily take the reins while the San Francisco company looks for a permanent replacement.

However, both Dorsey, 38, and Costolo, 51, expressed confidence on Thursday in the company’s direction and said the board is not seeking major changes.costolo twitter new, company stock

Read also: $1.05bn Illegal Withdrawal: NLNG Fights Back, Dismisses MD’s Involvement

“I believe in the course the company is on and the management team’s ability to fulfill that and execute on it,” Dorsey, who is also board chairman, said during a joint conference call with Costolo and Wall Street analysts.

Both men characterised Costolo’s departure, effective from July 1, as voluntary.

Costolo said he began talking with Twitter directors about leaving last year, although he did not say what he plans to do next.

Read also: Photos: EFCC Arrests Two Chinese Offering N100M Cash Bribe To Official

He will not receive any severance package.

Costolo had been Twitter’s CEO for five years and led the company through a successful stock market debut in 2013.

Subscribe to Our VIP Newsletter

Previous articleUSAID, Others Sign $10.5m Grant To Assist IDPs
Next articleNigeria on alert over Middle East respiratory syndrome
Hamilton Nwosa

The New Diplomat stands for ethical journalism, press freedom, accountable republic, and gender-equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally. From our insightful reports of political issues to our riveting investigations and analyses of business, socio-economic, and cross-cutting sectors, The New Diplomat remains ever committed to investigative reporting and ethical journalism. Support and partner with The New Diplomat today, to guarantee a positive future for all under an atmosphere of free press!

LEAVE A REPLY

Please enter your comment!
Please enter your name here