Twitter CEO Dick Costolo stepping down July 1

Getty Images Dick Costolo, CEO of Twitter

Getty Images
Dick Costolo, CEO of Twitter

Embattled Twitter CEO Dick Costolo will step down on July 1, the company said Thursday.

Costolo will remain on the social media company’s board while Chairman Jack Dorsey will take the position on an interim basis.

Twitter shares spiked 8 percent in extended trading.

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