NEW YORK
Twitter's CEO Dick Costolo will step down July 1, the company announced Thursday.
Jack Dorsey, one of the co-founders of the company, will serve as the interim CEO while the board of directors form a search committee to find someone to permanently fill the position, the company said in a filing with the U.S. Securities and Exchange Commission.
"There is no one better than Jack Dorsey to lead Twitter during this transition," Costolo said. "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."
The move came as the social media giant struggles to convince investors about its growth strategy.
Immediately after the announcement, Twitter's stock price increased 7 percent.
Costolo will continue to serve on the board of directors, the company said.
