Outgoing Twitter Inc. Chief Executive Officer Dick Costolo will leave behind about $16 million in stock awards when he steps down.
Costolo’s departure is effective July 1, after which he’ll forfeit all unvested equity, according to a filing today from the San Francisco-based company.
Shares jumped in late trading after the company announced the management change. Jack Dorsey, a co-founder, will take his place in the interim until the company can find a replacement, Twitter said in a regulatory filing. Dorsey’s appointment signals that the company is focusing on improving its product after a slew of leadership changes in the past five years.