CEO Dick Costolo will step down fromTwitter on July 1, Jack Dorsey, Twitter's co-founder was appointed, as interim chief executive - while the company is still looking for the permanent successor.
It also happened last year, when the Twitter's top management team was replaced, Dick Costolo stated to the members of the company's board, that as a chief executive, he wanted the company to replace him also.
CEO Dick Costolo is a wealthy former entrepreneur, and for the last 5 years he has led the Twitter company. While leading the company, he had been struggling of being the second choice behind facebook in Wall Street. The social network's growth has been slow, where twitter has lesser number of users compared to facebook, this, after a continuous effort of coming up with strategies to make the company more appealing to it's followers.
Last January, Dick Costolo revealed to his friends at the Consumer Electronics Show, that he can no longer handle the negative results of their endeavors and efforts that he has to step down as CEO.
The members of the company's board kept Costolo in his position, instead of searching for a CEO replacement - The board even motivated Costolo to establish his management team and lay out some strategies.
Dick Costolo stated to the investors in a call discussing the leadership transition.: "There is never, ever the right time to begin a transition like this." and "you want to do these things when the org is stable and the product is robust."
To the Twitter's 302 million active users, the company is still up to the task to further improve the future of their messaging service, where they now have a 140-character snippet. Messaging nowadays is rapidly increasing and includes exchiage of photos and video.
Brian Blau, an analyst with Gartner, said: "The situation at Twitter must be much worse than it appears, as replacing the C.E.O. is such a big step," he also added: "Twitter's problems are clearly not over, and while Jack Dorsey knows Twitter well, they really should bring in some outside perspective as most of their strategies so far are not working out so well."
