Twitter Inc. chief executive officer, Dick Costolo (pictured above) will exit the social media giant on July 1. The platform's co-founder and chairman, Jack Dorsey will act as CEO in the interim, whilst the company looks for a permanent replacement.

Costolo will remain on Twitter's board, and Dorsey will continue his role as CEO of Square Inc, the digital payments business he co-founded in 2009.

Dorsey said, "The future belongs to Twitter thanks in large part to Dick Costolo's dedication and vision. Dick has put a world-class team in place and created a great foundation from which Twitter can continue to change the world and grow. We have an exciting line-up of products and initiatives coming to market, and I look forward to continuing to execute our strategy while helping facilitate a smooth transition as the board conducts its search."

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