Twitter CEO Dick Costolo Stepping Down

David Paul Morris/Bloomberg via Getty Images 
Richard "Dick" Costolo, chief executive officer of Twitter Inc., listens during a Bloomberg Television interview in San Francisco, California, U.S., on Wednesday, April 29, 2015. 

Twitter CEO Dick Costolo is stepping down from his post, the social media company announced on Thursday (June 11). Co-founder and chairman Jack Dorsey will serve as interim CEO beginning July 1.

Costolo, who became COO of the San Francisco company in 2009 after two years at Google and then replaced Dorsey as CEO in 2010, will remain on Twitter's board. Dorsey will continue to lead payments startup Square as CEO while Twitter conducts its search for a permanent leader. 

Twitter's search committee will be led by independent board member Peter Currie and will include Peter Fenton and Twitter co-founder and ex-CEO Evan Williams. 

"I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the company," Costolo said. "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." 

Dorsey added: "The future belongs to Twitter thanks in large part to Dick Costolo's dedication and vision."

Costolo also welcomed Dorsey back into the fold by -- what else? -- tweeting:

This article was originally published by The Hollywood Reporter.