Dick Costolo this afternoon announced that he is stepping down as CEO of Twitter, effective July 1.
Twitter co-founder and chairman Jack Dorsey will serve as interim CEO as the company searches for Costolo’s replacement. Dorsey also will continue to serve as CEO of Square, the electronic payment company he co-founded in 2009, and will not receive any direct compensation from Twitter for his interim CEO activities.
Costolo was named CEO of Twitter in 2010, replacing co-founder Evan Williams (who happened to replace Dorsey). Twitter stock is...