Twitter CEO, Dick Costolo, has stepped down due to issues of performance delivery. Many has been calling for him to step down as Twitter struggles to increase membership and revenue from ads products
"I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years," Costolo said in a statement announcing the resignation.
In a conference call discussing the transition, Costolo said he'd initiated conversations with the board last year. He said he would remain on the board. Twitter stock rose as much as 8% in after-hours trading.
The company's board of directors named Twitter chairman and co-founder Jack Dorsey interim chief while they search for a new leader. Dorsey will not receive immediate compensation, and he will also continue to serve as the CEO of Square, an online and mobile payments startup. (s:cnn)