Dick Costolo has decided to resign as CEO of Twitter Inc. This news was announced in the company's microblog.
On July 01, Jack Dorsey, Co-Founder and Chairman of Twitter, will serve as Interim CEO. Costolo, in his turn, will continue to serve on Twitter’s Board of Directors.
As reported by experts, this decision was concluded amid retarded development of the company compared to other social networks such as Facebook and Instagram. Since 2013, the management board has been constantly criticized by Twitter Inc. shareholders because of relatively low results.
According to the data of the last quarterly report, the company sustained losses which came in at $163 million. This caused a fall of stocks by over 30%. Currently, the social media company's shares are trading 20% lower than the primary offering price.
Importantly, after the release of the news that the current CEO Dick Costolo is stepping down, Twitter assessment of value has grown by 4% during the evening session.
