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CEO Costolo to hand back Twitter handle

Costolo will step down on July 1, and Dorsey will take back the Twitter chief job in an interim capacity, the company announced on Thursday.

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San Francisco — Twitter chief executive Dick Costolo is surrendering his post, handing the reins back to co-founder Jack Dorsey as the service struggles to boost its ranks of users.

Costolo will step down on July 1, and Dorsey will take back the Twitter chief job in an interim capacity, the company announced on Thursday.

Dorsey previously held the job for about a year and a half, leaving the post in 2008. Costolo came on board in 2010. “The future belongs to Twitter thanks in large part to Dick Costolo’s dedication and vision,” Dorsey said. He said he will stay at the Twitter helm while the board finds someone to replace Costolo long-term.

The shake-up comes amid rumours that Costolo was under pressure from investors to prove his worth by ramping ranks of Twitter users and revenues brought in by the one-to-many messaging service.

“Unfortunately this news isn’t surprising,” Forrester analyst Nate Elliott said.

“The bottom line is that Twitter isn’t very good right now at serving either its users or its marketers.” — AFP

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