Breaking: Twitter CEO Ev Williams Steps Down

Twitter CEO Ev Williams is stepping down to take a role in product strategy, with COO Dick Costolo assuming CEO duties. The company made the announcement in a blog post. It likely would have made it via Twitter, but the service was down at the time.

Writes Williams:

When I insisted on bringing Dick into the COO role a year ago, I got a lot of questions from my board. But I knew Dick would be a strong complement to me, and this has proven to be the case. During his year at Twitter, he has been a critical leader in devising and executing our revenue efforts, while simultaneously and effectively making the trains run on time in the office. Dick can be even more effective at this now because Ali Rowghani, Adam Bain, Mike Abbott, Katie Stanton and Kevin Thau joined our leadership team this year and are having a big impact. Given Dick’s track record as a three-time successful CEO, I’m confident we can make this a smooth transition.

Williams is now the second Twitter CEO to step aside after being unable to find a strong profit center. Jack Dorsey left the position in late 2008.

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