Well, I suppose it was only a matter of time. People have been calling for his ouster for quite a while, but the other top brass at Twitter has always had his back. Either way, Twitter just announced that Dick Costolo will step down as CEO on July 1.

Costolo will remain on the company’s board of directors, and co-founder Jack Dorsey will fill in as interim CEO while the board looks for a permanent replacement. Dorsey will also remain CEO of Square.

The board has formed a search committee, which is chaired by its Lead Independent Director, Peter Currie, and includes Peter Fenton and co-founder Evan Williams. The company said the committee will retain a leading executive search firm to assist in its efforts. They’re looking both inside and outside of the company.

“I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the company,” Costolo said. “We have great leaders who work well together and a clear strategy that informs our objectives and priorities. There is no one better than Jack Dorsey to lead Twitter during this transition. He has a profound understanding of the product and Twitter’s mission in the world as well as a great relationship with Twitter’s leadership team. I am deeply appreciative of the confidence the Board, the management team and the employees have placed in me over the years, and I look forward to supporting Twitter however I can going forward.”

“The future belongs to Twitter thanks in large part to Dick Costolo’s dedication and vision,” said Dorsey. “Dick has put a world-class team in place and created a great foundation from which Twitter can continue to change the world and grow. We have an exciting lineup of products and initiatives coming to market, and I look forward to continuing to execute our strategy while helping facilitate a smooth transition as the Board conducts its search.”

“I am grateful for the talented team at Square, which I will continue to lead,” he added. “We have built a very strong company from top to bottom, and I am as committed as ever to its continued success.”

Was there any doubt about that one?

Currie said, “On behalf of the Board, I want to thank Dick for his years of tireless devotion to building Twitter into the strong and dynamic company it is today, putting us in a superb position for continued growth and innovation for many years to come. We look forward to his continued contributions during the transition period and as an ongoing member of the Board. The Board is fully committed to running a thorough process to identify the right CEO to lead Twitter into its next phase of growth. In the meantime, we are fortunate to have Jack – one of our founders – step back into a management role and help lead Twitter as we continue on our strategic priorities.”

Costolo has been on the hot seat since the company web public, as Twitter’s user growth just hasn’t managed to be strong enough for investors. The company has been focusing on trying to change that, but ultimately, it’s going to be up to someone else going forward.

Cue the blogosphere’s suggestions for Costolo’s replacement. Who would you like to see take over?

Image via Wikimedia Commons