Twitter’s Costolo to Depart Without $16 Million in Stock Awards

Costolo Leaving Twitter: What You Need to Know

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.

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