DHAKA: Dick Costolo is stepping down as chief executive of Twitter, the company has announced.

The social messaging service's co-founder Jack Dorsey will take over as interim chief on 1 July and stay until a replacement can be found.

 Costolo had been under pressure from investors unhappy with the firm's user growth, reports BBC.

In a statement, he said he was "tremendously proud of the Twitter team".

Twitter said that its board had formed a committee to undertake the task of finding a successor.

Following the announcement, shares in the company jumped by more than 7% in trading after US markets had closed.

BDST: 1235 HRS, JUN 12, 2015
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