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Twitter Boss Resigns As Founder Returns To Helm

Twitter chief executive Dick Costolo has announced he is stepping down - with the site's co-founder, Jack Dorsey, replacing him.

The social media network has struggled to boost its numbers of users and develop new advertising methods, despite a high-profile public offering on the stock exchange two years ago.

In a statement, Twitter said Mr Dorsey's return would be temporary while a permanent CEO was found.

Sky's Technology Correspondent, Tom Cheshire, said pressure had been building on Mr Costolo for quite a few months - but the timing of the move was still a surprise.

"Shareholders have been really concerned about the lack of growth. User growth has slowed, especially when you compare it to a behemoth like Facebook," he added.

There has also been shareholder concern that the departing CEO didn't have "the vision" needed to take the tech giant forward.

Shares in Twitter rose by more than 7% in after-hours trading on the New York Stock Exchange following the announcement.

Mr Costolo, who has been with the company for six years, said: "I am tremendously proud of the Twitter team and all that the team has accomplished.

"There is no one better than Jack Dorsey to lead Twitter during this transition. He has a profound understanding of the product and Twitter's mission in the world."

According to the company's statement, Mr Dorsey's first day back in the job will be on 1 July. He was previously Twitter's chief executive between May 2007 and October 2008.

Article Date: 12/06/2015