Twitter's Dick Costolo, who has spent months defending his performance in the hopes of saving his job, is out as CEO.
The microblogging site announced Thursday that co-founder Jack Dorsey will become interim CEO on July 1, as the company looks for a permanent replacement. Costolo will remain on Twitter's board of directors, and Dorsey will continue as chief executive of Square, the mobile-payments company he also founded.
"I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the company," Costolo said in a statement. "We have great leaders who work well together and a clear strategy that informs our objectives and priorities. There is no one better than Jack Dorsey to lead Twitter during this transition."