Dick Costolo, Twitter chief executive, to step down

Dick Costolo would be stepping down as the chief executive officer (CEO) of Twitter on July 1, the company disclosed on Thursday.

Costolo has been under growing pressure from investors to reverse Twitter’s disappointing performance on Wall Street.

Stocks of the social network site have fallen from a high of $69 a share in January 2014 to $35.83 as of late afternoon trading Thursday when Costlo bowed to pressure.

He has agreed to cancel all of his remaining unvested equity in the company after July 1.

Twitter has long struggled to gain users at the rate of other social media companies, such as Facebook Inc (FB.O) Instagram and Snapchat.

“Twitter has never been great at giving its users reasons to come back. While other social sites have introduced new features and functionality the past few years, Twitter has mostly stood still. The result has been excruciatingly slow user growth,” said an ICT expert.

Costolo expressed appreciation for the opportunity given to lead the organisation.

“I am deeply appreciative of the confidence the board, the management team and the employees have placed in me over the years,” he said in a statement.

“I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the company.”

Jack Dorsey, co-founder and chairman of the board, will serve as interim ceo while the board searches for a replacement.

Dorsey served as Twitter’s president and ceo between May 2007 and October 2008.

He currently serves on the boards of directors of The Walt Disney Company and Square, Inc.