Twitter has announced that its current CEO Dick Costolo will resign on July 1. Dick Costolo was under fire from social media giant’s investors for not managing the company properly. Several top Twitter executives, developers and manager left the company in the past few months. Twitter’s user growth is also tumbling, which increased pressure on Dick.
Dick Costolo will remain on the Twitter’s board of directors. The new interim CEO will be Jack Dorsey.
This is a huge news for the social media world. Analysts were already expecting this news as Twitter is not getting out of its ever-increasing problems. Twitter is facing immense completion from Facebook, Instagram and other emerging social giants. The company has been under fire from major investors who are not happy with Twitter’s product curve.