Twitter’s (NYSE:TWTR) CEO Dick Costolo has parted ways with the social media outlet, leading to the appointment of former Twitter executive, Jack Dorsey as its interim CEO, according to a Bloomberg report.
Mr. Costolo’s decision to step down was met with widespread support from Twitter’s (NYSE:TWTR) shareholders yesterday, having orchestrated a jump of over 5.6% in after hours trading. As recently as April, the stock traded above the $50 handle, helping instigate a move in management.
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In the interim, Twitter has brought back former CEO Jack Dorsey to help fill the key void, having relinquished the role himself back in 2008. At this juncture it’s unknown whether Twitter will rely on Mr. Dorsey’s services beyond the interim role.
According to Mr. Dorsey in a recent statement on the possibility, “It’s really up to the search committee and they’re going to look at internal and external candidates.”
Indeed, the company has had its fair share of bumps in the road over the past few years, particularly after its IPO release less than two years ago. The company is at a key juncture in terms of strategy and growth trajectory, and its decision regarding its next CEO appointment could very well prove to be one of the biggest decisions facing the young company.