Stock slide forces Twitter CEO to step down

Amid criticism over the company’s disappointing financial performance and a recent stock slide,

Dick Costolo, Chief Executive Officer (CEO) of online platform, Twitter, will voluntarily step down July 1.

He is being replaced by Jack Dorsey, a co-founder who served as CEO during Twitter’s early years, will temporarily take the reins while the San Francisco company looks for a permanent replacement.

Costolo who had been Twitter’s CEO for five years and led the company through a successful stock market debut in 2013, will not receive any severance package.

“I believe in the course the company is on and the management team’s ability to fulfill that and execute on it,” Dorsey, who is also board chairman, said during a joint conference with Costolo and Wall Street analysts.

Costolo said he began talking with Twitter directors about leaving last year, although he did not say what he plans to do next.

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