Twitter
IN PHOTO: A Twitter logo is pictured in Ventura, California in this December 21, 2013 file photo. Twitter Inc, whose stock has surged 150 percent since it went public in November, has a lot to live up to when it reports quarterly earnings for the first time on Wednesday. REUTERS/Eric Thayer REUTERS/Eric Thayer

Twitter announced that Dick Costolo will step down as CEO on July 1 and co-founder Jack Dorsey will take over as the interim CEO.

According to Tech Times, the news came after much scrutiny was conducted on the CEO with regard the company’s stocks taking a plunge and the increasing issues of online harassment occurring on the micro blogging site.

"I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the Company. 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,” said Twitter’s CEO Dick Costolo.

The company said it has formed a Search Committee to look for a permanent CEO and the group includes Peter Fenton and Evan Williams and will be chaired by the Board’s Lead Independent Director,Peter Currie. The committee will retain an Executive Search Firm and will consider both internal and external candidates for the CEO position.

Costolo took over as the CEO in 2010 but after the announcement of his resignation, the stocks jumped eight per cent, reports Tech Times. Meanwhile, Costolo was liked by Twitter employees and the public because of his stance against harassment on the company, reported Tech Times.

On June 10, Twitter announced a new feature that enables users to share their blocked lists making it harder for stalkers and spammers to harass others. The company came up with a provision through which users will be able to share blocked lists with others who might be getting harassed by the same accounts and this will allow users to block multiple accounts all at once instead of blocking them individually, reports CNET.

According to Tech Times , Twitter announced that it would be removing the 140-character limit for direct messages in July, which will make the social networking site a more effective private communication tool.

The micro blogging site has been witnessing slower user adoption and the company is finding it difficult to monetize its platform. Some unconfirmed reports suggest that Twitter could get acquired, reports Tech Times.

For feedback/comments, mail the writer at pragyan.ibtimes@gmail.com

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