Twitter CEO Dick Costolo To Step Down

(RTTNews) - Twitter, Inc. (TWTR) said Thursday that Chief Executive Officer Dick Costolo has decided to step down, effective July 1.

Co-Founder and Chairman of the Board Jack Dorsey will serve as Interim CEO while the Board conducts a search for next CEO, the company said in a statement.

Costolo will continue to serve on Twitter's Board of Directors, and Dorsey will continue to serve as CEO of Square, Inc., the payments and financial services company he co-founded in 2009.

Twitter's Board has formed a Search Committee to lead the search for a permanent CEO.

Twitter also reaffirmed its second quarter outlook, which calls for revenue of $470 million to $485 million and adjusted EBITDA of $97 million to $102 million. Analysts polled by Thomson Reuters currently expect the company to post revenue of $481.43 million for the second quarter.