Though the word may not come as a shock to those following Twitter and its difficulties, it's still big news. CEO Dick Costolo has flown the coop, or more likely been pushed out of the nest, and will be replaced by Twitter co-founder Jack Dorsey who will take over as interim CEO.
The Verge had the story according to an anonymous source, and now it's been confirmed on, where else, Twitter.
Dick Costolo to step down as CEO, will remain on Board, and Jack Dorsey appointed Interim CEO, effective July 1
— TwitterIR (@TwitterIR) June 11, 2015
Welcome back, @jack !! https://t.co/3papmyUKg0
— dick costolo (@dickc) June 11, 2015
The news follows on months of negative press and waning growth numbers for the company, and Twitter's stock price is down to $35.83, the lowest it's been since December. After the company's 2013 IPO, the stock has had its ups and downs, hitting a high of $69 in January 2014 but never returning there since.
Perhaps Costolo can now return to his true calling, the theater, a dream he'd abandoned for the tech sector.
Previously: Twitter Earnings 'Leak' On Twitter, Trading Halts, Stock Crashes
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