Twitter CEO Dick Costolo Stepping Down

Twitter CEO Dick Costolo will step down on July 1 and company co-founder Jack Dorsey will take over temporarily while the hunt for a permanent replacement gets underway. Mr. Costolo apparently got tired of Wall Street second guessing his leadership and decided it was time to move on.

Twitter is on the hunt for a new CEOTwitter is on the hunt for a new CEO

According to the New York Times, Mr. Costolo told friends at CES earlier this year he was tired of dealing with Wall Street analysts. The company's board asked him to set a new strategy for his management team instead of starting the search for his replacement, and ultimately that was met with outside criticism, too.

Mr. Costolo joined Twitter in September 2009, making him one of the longer lasting executives at the social networking company. Ali Rowhani, for example, joined Twitter in March 2010 as CFO and left in June 2014. Daniel Graf and Vivian Schiller both came and left in 2014, and other top level managers stuck around for only about two years.

People outside the company say this CEO change is an indication that Twitter is trying to cope with big problems. Despite those concerns, Mr. Dorsey said Twitter isn't planning on changing its business strategy. "We do have a great strategy, we do have a great direction, and we do have a great team behind it," he said.

Twitter hasn't said how long it expects the search for a new CEO to take.