Twitter has announced that Dick Costolo has stepped down as CEO of Twitter, effective July 1, 2015 and Jack Dorsey, Co-Founder and Chairman of the Board will stand in as Interim CEO before a new CEO is hired.
This has been expected for a long time now as the firm was struggling to make its investors money and even grow its user base.
During this transition, Costolo will continue to serve on Twitter’s Board of Directors, while Dorsey will continue to run Square as CEO.
A CEO Search Committee has been formed to assist in conducting a global search, which will consider both internal and external candidates for the CEO position.
Dorsey 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 lineup 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.”
Twitter expect revenue to be in the range of $470 million to $485 million and adjusted EBITDA to be in the range of $97 million to $102 million. Stock-based compensation expense is expected to be in the range of $190 million to $200 million.