Vindu Goel, reporting for the NYT:
Dick Costolo, Twitter’s embattled chief executive, is stepping down, the company said Thursday.
Jack Dorsey, the company’s co-founder and chairman, will serve as interim chief executive while the board searches for a permanent successor.
The change is effective July 1. Twitter shares were up more than 7 percent in after-hours trading immediately after the news was announced.
Rightly or wrongly, the writing has been on the wall: Wall Street wanted Costolo out. But I think what Wall Street wants is a pipe dream: for Twitter to turn into another Facebook. No CEO is going to make that happen. Maybe someone else will do better, but I think Costolo started with a hand dealt from a stacked deck.
My biggest fear: Twitter brings in a new CEO with a plan that pleases Wall Street but ruins Twitter as we know it.
My biggest hope: the new CEO resuscitates Twitter’s neutered, stagnant developer platform.
★ Thursday, 11 June 2015