The social networking platform Twitter is going through a raft of changes and in a major upheaval, the company’s CEO Dick Costolo announced that he would be stepping down on Thursday.
According to a report in The Wall Street Journal, Costolo resigned as he had wanted to move on and had begun discussions with the company’s board last year.
Costolo’s departure will bring co-founder and Chairman Jack Dorsey back in focus as he assumes the role of interim-CEO from July 1. Dorsey had earlier served as Twitter’s first CEO between May 2007 and October 2008.
Welcome back, @jack !! https://t.co/3papmyUKg0— dick costolo (@dickc) June 11, 2015
The rumblings at the top hierarchy in the micro blogging website have coincided with the company registering their weakest quarterly growth in April this year.
Following the poor showing, the company’s stock fell by nearly 20% and there was considerable chatter on Wall Street about the company’s sustenance following reported inability to generate money via advertising.
The company, which had gone public in November 2013, had shown a growth in revenue at 74% from a year earlier to $435.9 million at the end of 2014, but fell short of analysts’ projections in this quarter.
“I don’t think Costolo by himself was an impediment to the growth of the business,” Mark Mahaney, an analyst at RBC Capital Markets, told the publication.
Things seem to have gotten to Costolo who was reportedly under pressure following the company’s bad showing in the markets.
In an interview, Costolo said that “There’s never a perfect time to do these things.”