This afternoon, an SEC filing from Twitter Inc TWTR revealed Dick Costolo will step down as the company's CEO; Jack Dorsey will step in as interim CEO. The company has since reaffirmed its Q2 2015 revenue outlook and said it will hold a live webcast to discuss Costolo's resignation.
The event will begin at 5:15pm ET. Below is a live blog of the event.
05:30:27pm: Dorsey said that if Twitter builds a product people love, advertisers and customers will follow.
05:28:13pm: Twitter will consider all candidates -- internally and externally -- for its new CEO.
05:27:48pm: Costolo won't receive a severance package because there isn't one for someone who voluntarily steps down.
05:27:01pm: Dorsey said he's stepping in because of the belief he has in Twitter and its direction.
05:26:27pm: Costolo said the company is committed to maximizing shareholder value, but sees no reason why it can't achieve that as is, instead of through a merger.
05:24:56pm: Dorsey: There is no time table for when the new CEO will be announced.
05:24:10pm: Dorsey insisted this transition is not anything more than Costolo deciding to move on.
05:23:44pm: Jack Dorsey, interim CEO: "As he said, I will be assuming the role of interim CEO. My main priority is to facilitate a smooth transition." He said he also wants to ensure the continuation of all the good work Dick and his team have underway.
05:21:03pm: Costolo: "I really just want to thank the tremendously talented group of people I've gotten to work with.
05:20:32pm: Costolo said Twitter lucky to have Jack Dorsey fill in while the company searches for a permanent CEO.
05:19:50pm: Costolo said he initiated succession talks last year.
05:19:18pm: Costolo said he decided to step down. He said he believes now is the right time for Twitter to seek a new CEO.
05:17:22pm: The event has begun. Dick Costolo will speak during the call.
05:14:40pm: The event is about to begin.
05:11:39pm: Comedians are also chiming in:
i'm not sure how much difference jack dorsey replacing dick costolo as twitter ceo will make to users unless it means we'll have more charac
— andy levy (@andylevy) June 11, 201505:07:12pm: Some investors might be happy about Costolo's departure, but some -- including former colleagues -- have come to his defense.
I don't know anyone has had a harder job or been more committed to @twitter for the past 6 years than @dickc. His commitment was inspiring.
— April Underwood (@aunder) June 11, 2015I owe so much to @dickc. He's one of the best people I've ever had the privilege to know, work for, and call friend. #ThankYouDickC
— Josh Grau (@grauface) June 11, 2015Hey @dickc. You did a superb job. Twitter matters more than ever, and that's what really counts. We'll miss you dude :)
— umair (@umairh) June 11, 201504:42:55pm: Twitter will take questions on the call submitted via its platform directed to @TwitterIR using the hashtag #TWTRannouncement.
04:42:08pm: Dick Costolo has recently tweeted, "Welcome back, @jack !!"
04:40:01pm: Twitter shares are up 7 percent in after-hours trading.
04:30:35pm: The full Twitter 8-K filing is here, while correspondence including Costolo and Dorsey is here.
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