Shares of Twitter rose on Thursday following news that the company's Chief Executive Officer Dick Costolo is stepping down from his position.
The change in leadership, which will come into effect on July 1, includes plans by Jack Dorsey to serve as interim CEO until a permanent successor is chosen, the New York Times reports.
"I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the company," Costolo said in a statement Thursday, according to the site.
"We have great leaders who work well together and a clear strategy that informs our objectives and priorities. There is no one better than Jack Dorsey to lead Twitter during this transition."
Some analysts claim Costolo stepped down after receiving pressure from investors and stockholders. Not only did investor Chris Sacca write an almost 9,000-word critique of the company's approach to social media; stockholders also scrutinized the CEO at a recent shareholder meeting.
As competitor applications such as Facebook and SnapChat continue to gain steam, all eyes are on Twitter to make new administrative and technological changes to its business model.
"Twitter can afford to build the wrong things," Sacca wrote in his critique, the New York Times also reports.
"However, Twitter cannot afford to build the right things too slowly."
Twitter was founded in 2006 and went public in 2012.
