Business

Dick Costolo Is Out as Twitter C.E.O.

By VINDU GOEL

New York Times

In this Jan. 8, 2014 file photo, Twitter CEO Dick Costolo speaks during a panel discussion at the International Consumer Electronics Show in Las Vegas. Costolo will step down as CEO of Twitter after almost five years, the company and Costolo announced Thursday, June 11, 2015. (AP Photo/Jae C. Hong, File)
In this Jan. 8, 2014 file photo, Twitter CEO Dick Costolo speaks during a panel discussion at the International Consumer Electronics Show in Las Vegas. Costolo will step down as CEO of Twitter after almost five years, the company and Costolo announced Thursday, June 11, 2015. (AP Photo/Jae C. Hong, File)

Dick Costolo, Twitter’s embattled chief executive, is stepping down, the company said Thursday.

Jack Dorsey, the company’s co-founder and chairman, will serve as interim chief executive while the board searches for a permanent successor.

The change is effective July 1. Twitter shares were up more than 7 percent in after-hours trading immediately after the news was announced.

Since Twitter’s debut as a public company in 2013, Mr. Costolo has repeatedly disappointed Wall Street as the company struggled to attract new users, refine its products and develop new forms of advertising.

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