comscore Dick Costolo steps down as Twitter CEO, co-founder Jack Dorsey named interim CEO
News

Dick Costolo steps down as Twitter CEO, co-founder Jack Dorsey named interim CEO

Dick Costolo to step down as CEO, will remain on Board, and Jack Dorsey appointed Interim CEO, effective July 1

Twitter-Dick-Costolo

Twitter CEO Dick Costolo is stepping down from his role. While the company looks for a suitable replacement, co-founder Jack Dorsey has been named as the interim CEO, effective from July 1. Also Read - Explained: Can Twitter get banned in India?

Costolo has been on the hot seat for some months now due to the recent slide in the company’s financial performance and stock value. Today’s announcement though has been greeted by enthusiasm, which is reflected with the Twitter shares climbing nearly six percent. Costolo’s announcement to step down is being said to be voluntary and he will remain on the board. The company in the meantime is considering internal as well as external candidates to take over permanently from Dorsey.

Costolo was at the head of Twitter for five years, taking the company’s valuation from $3 billion to $23 billion, and also saw a successful debut on the stock market. His efforts turned a once messaging service into a major social media platform, and was also named as “one of the most influential minds in tech” by the Times magazine.

Recently though, Twitter has seen its growth slow down a bit. While it earned $1.4 billion in revenue last year, its shares on the stock market have lost almost a third of their value. As for userbase, despite the 18 percent growth to 301 million monthly users, it is nowhere close to the explosive growth shown by rival Facebook.

After the announcement, Costolo reached out to his employees in an email. An hour later, Dorsey too greeted his employees via an email. You can read the letters below, courtesy of the Wall Street Journal.

From: Dick Costolo
Date: June 11, 2015
Subject: #LoveWhereYouWork

Citizens!

For those of you who aren’t able to attend the all-hands right now, you’re missing one of my last Q&A sessions in the Commons. After about six years with the company, I’ve decided to step down as CEO effective July 1, and I am thrilled to say that Jack Dorsey will serve as interim CEO while the Board begins a search for our permanent CEO.

As I tell all of you and everybody else who will listen, we’ve never had a stronger team here or a more clear and cohesive strategy, and all of that is accompanied by a pace and quality of execution this year that’s been a delight to see. So while there is never a perfect time for transitions like this, the stability and performance of the organization gives me confidence that this transition will be smooth.

Jack and I meet regularly and discuss the company, our products, and Twitter’s future, and I assure you that during this time, there’s no one better to help us stay focused and continue the momentum that we’ve all worked so hard to achieve.

Today’s announcement is the culmination of a great deal of careful deliberation and discussion with the Board. Last year, after more than five years with the company, I suggested to the Board that we focus on succession planning and finding the next person to lead while also making sure we had a team that worked well together before embarking on a process. We have agreed that we should announce the search now in the clear light of day so it can be conducted out in the open. To ensure continuity and stability through the transition and eliminate the distractions that would arise if I were to stay on through the search, we have decided to simply remove a layer of management and ask Jack, our Chairman, to lead. Nobody has deeper roots at Twitter. Jack will ensure the Board can undertake a thorough search without disrupting the business, as we stay focused on our strategic goals and priorities. While Jack will continue to serve as CEO of Square, he will benefit from the exceptionally strong leadership team here. I know I can count on each of you to lend him your full support.

As for me, I’ll serve as CEO for the next few weeks to ensure a smooth hand-off to Jack.  After that, I will remain on the Board of Directors, and I look forward to continuing to contribute to Twitter’s exciting future. I’m particularly excited about the product work that we’ll unveil this fall, and I’d like Kevin Weil and the C&D team to note that i didn’t mention a specific date here. You’re welcome.

Our greatest competitive advantage is all of the extraordinary people who work here, and it makes my heart full to reflect on the delight I’ve had working with you. Along the thrilling road we’ve traveled, I’ve witnessed monumental personal and professional commitment, sacrifice, trust, and passion. We have a strong foundation in place with a very clear strategy, objectives and priorities; a talented leadership team to help us navigate change; and the inventor of the product and co-founder who is eager to continue executing on our vision.

This news will certainly generate media attention, which will be a first for us, so just be prepared for that because i know it will be a new experience. Remember that the external noise is just that, noise. Continue to focus and execute against the strategy and everything will fall into place. If a member of the media or anyone else outside the company contacts you about today’s announcement, please just give them my home address and ask them to pop by anytime or refer them to the communications team.

#LoveWhereYouWork

@dickc

 

From: Jack Dorsey
Date: June 11, 2015
Subject: Excited!

Team,

Hello! I hope to be able to say that to each of you in person.

As you all read in Dick’s note, at his request the board is starting a search for Dick’s successor and I am stepping in to help guide that to an outcome that makes us all proud.

I am here to serve all the people and organizations that use Twitter, you and our leadership team, and our shareholders. I am not here to change our direction or strategy.

Let me repeat that: I am not here to change our direction or strategy. I’m excited and inspired by it! And even more so by the team that works tirelessly to see it through. And Dick is entirely to thank here. I respect and admire what he’s selflessly built and assembled. My job is to work with all of you to continue to make that better and better.

I have 3 responsibilities ahead of me:
1. Build the best team dynamic to lead Twitter.
2. Ensure decisions are being made in service of our purpose.
3. Constantly raise the bar of our performance.

And that’s what you should all hold me accountable to. My time here will be focused entirely on working with and through OpComm. You should expect to see me around the SF office a lot. Please say hi!

@jack

For the latest tech news across the world, latest PC and Mobile games, tips & tricks, top-notch gadget reviews of most exciting releases follow BGR India’s Facebook, Twitter, subscribe our YouTube Channel. Also follow us on  Facebook Messenger for latest updates.
  • Published Date: June 12, 2015 10:47 AM IST



new arrivals in india

Infinix Note 10
Infinix Note 10

10,999

Vivo Y73
Vivo Y73

20,990

OnePlus Nord CE 5G
OnePlus Nord CE 5G

22,999

iQOO Z3
iQOO Z3

19,990

Realme C25s
Realme C25s

9,999

Poco M3 Pro 5G
Poco M3 Pro 5G

13,999

Realme X7 Max 5G
Realme X7 Max 5G

26,999

Oppo F19
Oppo F19

18,990

Motorola Moto G40 Fusion
Motorola Moto G40 Fusion

13,999

POCO M2 Reloaded
POCO M2 Reloaded

9,499

OPPO A74 5G
OPPO A74 5G

17,990

Oppo A53s 5G
Oppo A53s 5G

14,990

Vivo V21 5G
Vivo V21 5G

29,990

Realme C25
Realme C25

9,499

Realme C21
Realme C21

7,999

Realme C20
Realme C20

6,799

Motorola Moto G60
Motorola Moto G60

17,999

iQOO 7
iQOO 7

31,990

Samsung Galaxy M42 5G
Samsung Galaxy M42 5G

21,999

Xiaomi Mi 11 Ultra
Xiaomi Mi 11 Ultra

69,999

Xiaomi Mi 11X Pro 5G
Xiaomi Mi 11X Pro 5G

39,999

Xiaomi Mi 11X
Xiaomi Mi 11X

29,999

Realme 8 5G
Realme 8 5G

13,999

Samsung Galaxy F02s
Samsung Galaxy F02s

8,999

Samsung Galaxy F12
Samsung Galaxy F12

10,999

POCO X3 Pro
POCO X3 Pro

18,999

Realme 8 Pro
Realme 8 Pro

17,999

Realme 8
Realme 8

14,999

Vivo X60 Pro Plus
Vivo X60 Pro Plus

69,990

Vivo X60 Pro
Vivo X60 Pro

49,990

Vivo X60
Vivo X60

37,990

OnePlus 9 Pro 5G
OnePlus 9 Pro 5G

64,999

OnePlus 9R 5G
OnePlus 9R 5G

39,999

OnePlus 9 5G
OnePlus 9 5G

49,999

Samsung Galaxy A72
Samsung Galaxy A72

34,999

Samsung Galaxy A52
Samsung Galaxy A52

26,499

Micromax In 1
Micromax In 1

10,499

Asus ROG Phone 5
Asus ROG Phone 5

49,999

Samsung Galaxy M12
Samsung Galaxy M12

10,999

Motorola Moto G30
Motorola Moto G30

10,999

Motorola Moto G10 Power
Motorola Moto G10 Power

9,999

Oppo F19 Pro Plus 5G
Oppo F19 Pro Plus 5G

25,990

Oppo F19 Pro
Oppo F19 Pro

21,490

Xiaomi Redmi Note 10 Pro Max
Xiaomi Redmi Note 10 Pro Max

18,999

Xiaomi Redmi Note 10 Pro
Xiaomi Redmi Note 10 Pro

15,999

Xiaomi Redmi Note 10
Xiaomi Redmi Note 10

11,999

Realme Narzo 30A
Realme Narzo 30A

8,999

Realme Narzo 30 Pro
Realme Narzo 30 Pro

16,999

Infinix Smart 5
Infinix Smart 5

7,199

Samsung Galaxy F62
Samsung Galaxy F62

23,999

Samsung Galaxy A12
Samsung Galaxy A12

12,999

Nokia 5.4
Nokia 5.4

13,999

Nokia 3.4
Nokia 3.4

11,999

Realme X7 Pro 5G
Realme X7 Pro 5G

29,999

Realme X7
Realme X7

19,999

Vivo Y31
Vivo Y31

16,490

Oppo Reno5 Pro 5G
Oppo Reno5 Pro 5G

35,990

Samsung Galaxy S21 Ultra 5G
Samsung Galaxy S21 Ultra 5G

1,05,999

Samsung Galaxy S21 Plus 5G
Samsung Galaxy S21 Plus 5G

81,999

Samsung Galaxy S21 5G
Samsung Galaxy S21 5G

69,999

Vivo Y12s
Vivo Y12s

9,990

Vivo Y51A
Vivo Y51A

17,990

Samsung Galaxy M02s
Samsung Galaxy M02s

8,999

Xiaomi Mi 10i
Xiaomi Mi 10i

21,999

Oppo A15s
Oppo A15s

11,490

Tecno Spark 6 Go
Tecno Spark 6 Go

8,499

Vivo V20 2021
Vivo V20 2021

24,990

Vivo Y20A
Vivo Y20A

11,490

Xiaomi Redmi 9 Power
Xiaomi Redmi 9 Power

11,999

Motorola Moto G9 Power
Motorola Moto G9 Power

11,999

Motorola Moto G 5G
Motorola Moto G 5G

20,999

Vivo V20 Pro
Vivo V20 Pro

29,990

Xiaomi Mi 10T
Xiaomi Mi 10T

35,999

Xiaomi Redmi 9i
Xiaomi Redmi 9i

8,299

Xiaomi Mi 10T Pro
Xiaomi Mi 10T Pro

39,999

Infinix Hot 10
Infinix Hot 10

9,999

Vivo V20 SE
Vivo V20 SE

20,990

Vivo V20
Vivo V20

24,990

Micromax In 1b
Micromax In 1b

6,999

Micromax In Note 1
Micromax In Note 1

10,999

OnePlus 8T
OnePlus 8T

42,999

Samsung Galaxy F41
Samsung Galaxy F41

15,499

Apple iPhone 12 Pro Max
Apple iPhone 12 Pro Max

1,29,900

Apple iPhone 12 Pro
Apple iPhone 12 Pro

1,19,900

Apple iPhone 12 Mini
Apple iPhone 12 Mini

69,900

Apple iPhone 12
Apple iPhone 12

79,900

Poco X3
Poco X3

16,999

Realme Narzo 20A
Realme Narzo 20A

8,499

Realme Narzo 20
Realme Narzo 20

10,499

Realme Narzo 20 Pro
Realme Narzo 20 Pro

13,999

Oppo F17
Oppo F17

16,990

Samsung Galaxy M51
Samsung Galaxy M51

22,999

Poco M2
Poco M2

10,999

Oppo F17 Pro
Oppo F17 Pro

22,990

Realme 7 Pro
Realme 7 Pro

19,999

Realme 7
Realme 7

14,999

Xiaomi Redmi 9A
Xiaomi Redmi 9A

6,799

Vivo Y20
Vivo Y20

12,990

Xiaomi Redmi 9
Xiaomi Redmi 9

8,999

Nokia 5.3
Nokia 5.3

13,999

Best Sellers