Dick Costolo Twitter CEO is stepping down from his role after five years; however, he will remain on Board. Co-founder and Chairman Jack Dorsey will serve as interim CEO while he remains chief executive of payments start-up Square Inc.
Twitter is looking for its new chief both inside and outside the company.The company’s board has formed a Search Committee chaired by the Independent Director, Peter Currie, Peter Fenton, and Evan Williamsto lead the search for a permanent CEO. It is worth mentioning that Dorsey won’t be part of search committee.
Twitter under Costolo evolved to a $25 billion public company as well as gained social importance becoming mouthpiece for Journalists, celebrities and activists. However, today’s announcement has been greeted by zeal, which is visible as the Twitter share climbed nearly six percent.
Costolo said, “I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the Company. 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. I am deeply appreciative of the confidence the Board, the management team and the employees have placed in me over the years, and I look forward to supporting Twitter however I can going forward.”
Dorsey in a statement said “the future belongs to Twitter thanks in large part to Dick Costolo’s dedication and vision. 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 line up 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.” He further added “I am grateful for the talented team at Square, which I will continue to lead. We have built a very strong company from top to bottom, and I am as committed as ever to its continued success.”
Reaffirming its outlook for Q2 of 2015 Twitter said it expects its revenue to be in the range of $470 million to $485 million, as well as adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) to be in the range of $97 million to $102 million.