Twitter CEO Dick Costolo Steps Down

Dick Costolo is stepping down as Twitter's chief executive after five years, as Wall Street began losing faith in him and the social-media company’s future growth.

The move puts a spotlight back on co-founder and Chairman Jack Dorsey, who will serve as interim CEO while he remains chief executive of payments startup Square Inc. Mr. Dorsey was Twitter’s first CEO from May 2007 to October 2008.

Twitter said it would be looking both inside and outside the company for a new chief.

Notably, Mr. Dorsey is not part of the search committee, which will include board membersPeter Currie, Peter Fenton and co-founder Evan Williams.

Mr. Dorsey declined to comment on whether he would accept the job if it were offered to him. “I’m not going to answer that question because it’s not what I’m focused on,” he said in an interview. He said he already spends his time at both Twitter and Square, which are located on the same block in San Francisco.

Mr. Costolo’s departure July 1 will leave Twitter without a permanent replacement while the company wrestles with mounting questions from investors as to whether it can overcome disappointing user growth, a series of executive changes and flip-flopping on product strategy.

(The Wall Street Journal)