Twitter CEO, Dick Costolo, to step down from post

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."