Twitter CEO to step down

Twitter CEO Dick Costolo will step down on July 1, the company said Thursday.

He is being replaced on an interim basis by company co-founder Jack Dorsey. Costolo will remain on the social network’s board.

{mosads}“I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the Company,” Costolo said in a statement. “We have great leaders who work well together and a clear strategy that informs our objectives and priorities.”

Costolo took the company public in 2013 and has since faced questions about whether the company is delivering enough revenue.

Twitter’s stock was up in after-hours trading immediately following the announcement.