From July 1st, Twitter’s CEO, Dick Costolo, will officially part ways with the company. This decision was personally made by Costolo, which implies that he will not receive any severance package when he exits his role on the stated date. His unvested stock options will also be forfeited.
During a conference call that discussed this shift, Costolo mentioned initiating this discussion with the board the previous year. He confirmed his continued presence on the board even after this transition.
Following the announcement of the CEO’s resignation, Twitter’s stock value leaped by approximately 8% during post-market trading. Costolo has faced consistent pressure to resign over the past year from many Wall Street players, due to Twitter’s struggle in increasing its member base and enhancing revenues from its advertising platforms.
Detailed information can be accessed through CNN Money.
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