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Twitter CEO Dick Costolo to Step Down After Five Years

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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 lnc. failed to foresee a slowdown that forced the social-media company to miss analysts' first-quarter revenue estimates and cut its 2015 sales forecast, sending the stock tumbling. (David Paul Morris/Bloomberg via Getty Images)

NEW YORK (AP) -- Dick Costolo will step down as CEO of Twitter after almost five years. It did not disclose a reason for his departure.

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 lnc. failed to foresee a slowdown that forced the social-media company to miss analysts' first-quarter revenue estimates and cut its 2015 sales forecast, sending the stock tumbling. (David Paul Morris/Bloomberg via Getty Images)

Twitter Inc. announced the move in a press release Thursday and Costolo also tweeted the news through his own account.

The San Francisco company says co-founder and Chairman Jack Dorsey, 38, will be its interim CEO while it looks for a replacement.

Costolo, 51, will stay on Twitter's board of directors. He has been a director since September 2009 and became CEO in October 2010.

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