San Francisco - Twitter chief executive Dick Costolo is surrendering his post, handing the reins back to co-founder Jack Dorsey as the popular service struggles to boost ranks of users.
Costolo will officially step down on July 1, and Dorsey will take back the Twitter chief job he held for about a year and a half before Costolo came on board in late 2008, the company announced Thursday.
"The future belongs to Twitter thanks in large part to Dick Costolo's dedication and vision," Dorsey said in a release.
"We have an exciting line-up of products and initiatives coming to market, and I look forward to continuing to execute our strategy."
Dorsey said he will stay at the Twitter helm while the board finds a someone to replace Costolo long-term.
Costolo will remain on the Twitter board of directors, and Dorsey will continue to be chief of mobile device cantered financial transactions company Square that he co-founded in 2009.
The shake-up comes amid rumours that Costolo was under tremendous pressure from investors to prove his worth by ramping ranks of Twitter users and revenues brought in by the globally popular one-to-many messaging service.
Costolo guided the San Francisco-based firm through its initial public offering, but growth has been disappointing and the company has yet to show a profit.
AFP
