Jack Dorsey To Be The New Twitter CEO (Interim), Dick Steps Down

Twitter chief executive Dick Costolo abruptly announced that he was stepping down as company CEO amid increasing scrutiny of the company's slow user growth and inability to attract advertisers.

Dick is being replaced by co-founder Jack Dorsey on an interim basis.

Twitter has had a number of shake-ups in its management. Co-founders Jack Dorsey and Evan Williams both served as chief executives of the company before Mr Costolo, and Mr Costolo has overhauled much of his management team over the past year, Irish Times noted.

Dorsey returns to a job he had until being pushed out in 2008 from the company he helped create.

 "It's really up to the search committee and they're going to look at internal and external candidates," Dorsey told Bloomberg Businessweek.

His return signals that Twitter is looking for a leader who can inspire confidence in the company's product vision, after a slew of leadership changes in the past five years, slower growth than anticipated and advertising efforts that have failed to gain traction, the Businessweek noted.

According to experts Twitter is not performing, neither for users nor for investors.

"Unfortunately this news isn't surprising," said Nate Elliott of management consultant Forrester Research. "The bottom line is that Twitter isn't very good right now at serving either its users or its marketers."

Reportedly the company is considering for both internal and external candidates for its next chief executive .

In an interview with Reuters, Mr Dorsey said he was not thinking "at all" about remaining chief executive permanently because the search has just begun but did not rule out the job.

Mr. Dorsey continues as chief executive of Square, a financial services, merchant services aggregator and mobile payments company, he founded in 2009.