Dick Costoloย is stepping down as CEO of Twitter, the company announced in a tweet on Thursday.
Jack Dorsey, co-founder of the 9-year-old site, will serve as the interim CEO effective July 1. Heย willย alsoย serve as CEO of Square, the electronic payment company he co-founded in 2009.
Dorsey assumed the role of executive chairman of Twitter’s board of directors 2011.ย Costolo was named CEO of Twitter in 2010, replacing co-founder Evan Williams.
Costolo will continue to serve on Twitter’s board of directors. Meanwhile,ย Twitter’s board has formed a search committee to lead the search for a permanent CEO.