This afternoon the official Twitter's official account tweeted that its current CEO, Dick Costolo, will step down from his post at the company. Twitter's co-founder and chairman of its board, Jack Dorsey, will step in as interim CEO starting July 1. Costolo will remain on the board.
The announcement comes after endless scrutiny of Costolo ever since the company's IPO in November 2013.
In an official press release attached to the tweet, both Costolo and Dorsey shared their official statements on the change.
"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," Costolo said. "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."
Dorsey added, "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."
Dick Costolo, Twitter CEO steps down
Twitter CEO, Dick Costolo, to step down from post
FILE - In this June 20, 2012 file photo, Twitter CEO, Dick Costolo, gives a speech at the Cannes Lions 2012, International Advertising Festival in Cannes, southern France. Eager to build the social media company, Latin America has become a strategic market for Twitter. (AP Photo/Lionel Cironneau, File)
CEO of Twitter, Dick Costolo, adjusts his glasses as he listens to the speech of France's Culture Minister, Fleur Pellerin, a press conference on Museum Week at France's Culture Ministry in Paris, Thursday, March 5, 2015. Museum Week is a event where hundreds of museums and galleries worldwide will come together on Twitter from March 23-29, 2015. (AP Photo/Michel Euler)
SAN FRANCISCO, CA - MAY 20: Twitter CEO Dick Costello looks on during the grand opening of NeighborNest community technology space on May 20, 2015 in San Francisco, California. San Francisco mayor Ed Lee and Twitter CEO Dick Costello celebrated the grand opening of Neighbor Nest, Twitter's 4,000 square foot technology learning center for homeless and poverty stricken families. (Photo by Justin Sullivan/Getty Images)
SAN FRANCISCO, CA - OCTOBER 09: Twitter CEO Dick Costolo speaks onstage during 'Social Goes Global' at the Vanity Fair New Establishment Summit at Yerba Buena Center for the Arts on October 9, 2014 in San Francisco, California. (Photo by Michael Kovac/Getty Images for Vanity Fair)
LAS VEGAS, NV - JANUARY 08: Twitter CEO Dick Costolo speaks during the Brand Matters keynote address at the 2014 International CES at The Las Vegas Hotel & Casino on January 8, 2014 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs through January 10 and is expected to feature 3,200 exhibitors showing off their latest products and services to about 150,000 attendees. (Photo by Ethan Miller/Getty Images)
Twitter CEO Richard 'Dick' Costolo gives an interview on the trading floor of the New York Stock Exchange (NYSE) on November 7, 2013 in New York. Twitter hit Wall Street with a bang on Thursday, as an investor frenzy quickly sent shares surging after the public share offering for the fast-growing social network. In the first exchanges, Twitter vaulted 80.7 percent to $47, a day after the initial public offering (IPO) at $26 per share. While some analysts cautioned about the fast-changing nature of social media, the debut led to a stampede for Twitter shares. AFP PHOTO/EMMANUEL DUNAND (Photo credit should read EMMANUEL DUNAND/AFP/Getty Images)
SUN VALLEY, ID - JULY 09: Dick Costolo, CEO of Twitter, arrives for the annual conference on July 9, 2013 in Sun Valley, Idaho. The resort will host corporate leaders for the 31th annual Allen & Co. media and technology conference where some of the wealthiest and most powerful executives in media, finance, politics and tech gather for weeklong meetings which begins Tuesday. Past attendees included Warren Buffett, Bill Gates and Mark Zuckerberg. (Photo by Kevork Djansezian/Getty Images)
SAN FRANCISCO, CA - SEPTEMBER 09: Dick Costolo of Twitter attends TechCruch Disrupt SF 2013 at San Francisco Design Center on September 9, 2013 in San Francisco, California. (Photo by Steve Jennings/Getty Images for TechCrunch)
SAN FRANCISCO - APRIL 14: Twitter COO Dick Costolo speaks during the first annual Chirp, Twitter Developer's Conference April 14, 2010 in San Francisco, California. Chirp, the Twitter Devloper's Conference is a two day event for developers who work with the popular social networking service. (Photo by Justin Sullivan/Getty Images)
SAN FRANCISCO, CA - OCTOBER 17: Twitter CEO Dick Costolo speaks during the 2011 Web 2.0 Summit on October 17, 2011 in San Francisco, California. The 2011 Web 2.0 Summit features keynote addresses by Internet and technology leaders and runs through Wednesday. (Photo by Justin Sullivan/Getty Images)
NEW YORK, NY - NOVEMBER 07: Twitter CEO Dick Costolo adjusts his tie while waiting to see what Twitter's opening market price will be on the floor of the New York Stock Exchange (NYSE) on November 7, 2013 in New York City. Twitter went public November 7, on the NYSE selling at a market price of $45.10, with the initial price being set at $26 on November 6. (Photo by Andrew Burton/Getty Images)
LAS VEGAS, NV - JANUARY 08: Twitter CEO Dick Costolo (L) and Publicis Groupe Chairman and CEO Maurice Levy speak during the Brand Matters keynote address at the 2014 International CES at The Las Vegas Hotel & Casino on January 8, 2014 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs through January 10 and is expected to feature 3,200 exhibitors showing off their latest products and services to about 150,000 attendees. (Photo by Ethan Miller/Getty Images)
MOUNTAIN VIEW, CA - NOVEMBER 09: Presenters Cameron Diaz and Dick Costolo (R) speak onstage during the Breakthrough Prize Awards Ceremony Hosted By Seth MacFarlane at NASA Ames Research Center on November 9, 2014 in Mountain View, California. (Photo by Steve Jennings/Getty Images for Breakthrough Prize)
SUN VALLEY, ID - JULY 08: Twitter CEO Dick Costolo arrives for the Allen & Company Sun Valley Conference on July 8, 2014 in Sun Valley, Idaho. Many of the worlds wealthiest and most powerful businessmen from media, finance, and technology attend the annual week-long conference which is in its 32nd year. (Photo by Scott Olson/Getty Images)