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Costolo Steps Down as Twitter’s Chief Executive Officer

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Twitter: What Does a New CEO Need to Fix?

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Twitter Inc. said Chief Executive Officer Dick Costolo is stepping down, reflecting the social-media company’s struggle to define its vision in the months following its initial public offering.

Jack Dorsey, a co-founder, will take Costolo’s place starting July 1 until the company can find a permanent replacement, Twitter said in a regulatory filing. Costolo, who was named CEO in October 2010, presided over the company’s public-market debut in November 2013 and the stock’s decline of more than 50 percent after peaking near the end of that year.