Starting July 1st, Twitter’s CEO, Dick Costolo, will be leaving the company. He decided to step down on his own, which means he won’t be getting any severance pay when he leaves, and he will also lose any unvested stock options.
Costolo shared during a conference call that he had started this conversation with the board last year. Even after stepping down as CEO, he plans to remain on the board.
After the news of his resignation broke, Twitter’s stock value saw a jump of about 8% in post-market trading. Costolo has been under constant pressure to resign over the past year, primarily from Wall Street, because of Twitter’s ongoing challenges in growing its user base and boosting revenue from advertising.