Twitter has announced that Dick Costolo is stepping down as chief executive of the social media platform.
According to the BBC, co-founder Jack Dorsey will take over as the interim chief on July 1 and hold the post until a replacement is found.
Twitter added that its board had formed a committee to undertake the task of finding a successor.
A statement released by the former chief executive said that he was ‘tremendously proud’ of the Twitter team.
Costolo had been under pressure from investors who were displeased with the firm’s user growth.
Following the announcement, the company’s shares jumped by more than seven percent in afterhours trading.