Twitter's outspoken CEO Dick Costolo is stepping down from his role beginning July 1, according to a filing submitted with the Securities and Exchange Commission.
Co-founder and current Square CEO, Jack Dorsey, will take over as Interim CEO while the firm finds a permanent replacement.
Twitter stock is up almost eight percent in after hours trading on the news.
Twitter has been under the microscope since going.....
public in late 2013, and has struggled to deal with user growth issues that have seemed to show the company had hit a plateau.
Costolo also came under fire for overseeing major changes to the executive team at the company, which included the removal of COO Ali Rowghani, a new CFO, and multiple heads of product all in 2014.
Costolo has agreed to cancel all of his remaining unvested equity in Twitter after July 1 as part of today's deal.
Twitter's Board has formed a Search Committee to lead the search for a permanent CEO.
The Search Committee is chaired by the Board's Lead Independent Director, Peter Currie, and includes Peter Fenton and Evan Williams.
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