Twitter on the hunt for new CEO

Twitter has announced that current CEO, Dick Costolo will be stepping down from his position from 1st July this year.

According to a press release, the company's board of directors has appointed Jack Dorsey, co-founder and board chairman as the interim CEO while they conduct a search for their next CEO.

At the same time, Dorsey will continue to serve as CEO of Square, Inc.

"I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the company," Costolo said.

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"We have great leaders who work well together and a clear strategy that informs our objectives and priorities. 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."

The press release added a search committee, chaired by the board's lead independent director, Peter Currie, has been formed to lead the search for a permanent CEO.

The committee will retain an executive search firm to assist in conducting a global search, and will consider both internal and external candidates for the CEO position.

"The future belongs to Twitter thanks in large part to Dick Costolo's dedication and vision," Dorsey stated.

"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."

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