Dick Costolo steps down as Twitter’s CEO

Dick Costolo. Image source: nymag.com

After coming under pressure following lacklustre results, Dick Costolo told members of the company’s board that he wanted them to replace him as chief executive.

On Thursday, they did just that, announcing that Mr. Costolo will step down July 1. Jack Dorsey, a co-founder, will take until the company can find a permanent replacement, Twitter said in a regulatory filing.

Costolo is leaving behind about $16 million in stock awards when he steps down, according to data compiled by Bloomberg.

Twitter currently has 302 million active users and has become one of the biggest online platform.