(Image source from: Twitter CEO Dick Costolo steps down and Jack Dorsey may take charge})

The Chief Executive Officer of the microblogging site Twitter, Dick Costolo, is stepping down, but he may remain as the member of the board, and co-founder of the company, Jack Dorsey will take charge as CEO on an interim basis from July 1.

The San Francisco-based firm was driven by Costolo in an un-imaginary way as the company failed to enhance its revenue. The initial public offering in 2013 and the later consequences reportedly forced him to put.

Dorsey will continue as the CEO of Square, a financial technology group, founded by him. A committee has been formed to search the new CEO with the assistance of a leading executive search firm. However, the committee will consider both internal and external persons for the apex post.

Dorsey said in the statement: "The future belongs to Twitter thanks in large part to Dick Costolo's dedication and vision."

The weaker performance in encouraging and inviting more users to the site and the reported loss of $162.4 million for the quarter caused Costolo to quit.

-Kannamsai