Starting July 1st, Dick Costolo will step down from his role as Twitter’s CEO. This decision was his own, meaning he won’t receive any severance package, and any unvested stock options will be forfeited.
In a recent conference call about this change, Costolo shared that he started discussing his departure with the board last year. He also stated that he would remain on the board after stepping down as CEO.
After the announcement of Costolo’s resignation, Twitter’s stock value jumped by around 8% in post-market trading. Costolo had been under growing pressure from Wall Street to resign over the past year because Twitter had been struggling to grow its user base and boost revenue from its advertising.