In a formal statement, Twitter confirmed on Thursday that Dick Costolo will step down as the company's CEO on July 1. Company co-founder and board director Jack Dorsey will take over as interim CEO, meaning he will hold that title for both Twitter and Square in the meantime.
The press release included quotes from both Costolo and Dorsey, along with a statement confirming that Twitter has already assembled a search committee to find the company's next permanent CEO.
"I am tremendously proud of the Twitter team and all that the team has accomplished
together during my six years with the company," Costolo was quoted as saying in the announcement. Costolo also took to his Twitter account to wish the company's interim CEO good luck:
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