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Twitter CEO to step down on July 1

Co-founder Jack Dorsey, ousted in 2008, will replace him on an interim basis

San Francisco

TWITTER Inc chief executive officer (CEO) Dick Costolo abruptly announced on Thursday he was stepping down, amid increasing scrutiny of the company's slow user growth and inability to attract advertisers at the same rate as its competitors.

Mr Costolo will be replaced by co-founder Jack Dorsey on an interim basis.

According to a source familiar with the matter, it was Mr Costolo's decision to leave, and Mr Costolo said he brought it up with the board last year as it began talking about succession planning.

Twitter has had a number of shake-ups in its management. Co-founders Mr Dorsey and Evan Williams both served as CEOs of the company before Mr Costolo, and Mr Costolo has overhauled...

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