Dick Costolo stepping down as Twitter CEO

CEO of Twitter Dick Costolo listens to the speech of France's Culture Minister Fleur Pellerin during a press conference at the culture ministry in Paris, March 5, 2015. (AP Photo/Michel Euler)

Dick Costolo will step down as CEO of Twitter after almost five years. It did not disclose a reason for his departure.

Twitter Inc. announced the move in a press release Thursday and Costolo also tweeted the news through his own account.

The San Francisco company says co-founder and Chairman Jack Dorsey, 38, will be its interim CEO while it looks for a replacement.

Twitter co-Founder Jack Dorsey speaks at a campaign fundraiser for Democratic Candidate for Public Advocate Reshma Saujani, Wednesday, April 24, 2013 in New York.

Costolo, 51, will stay on Twitter's board of directors. He has been a director since September 2009 and became CEO in October 2010.

Click here to read the entire statement from Twitter.
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