Embattled Twitter CEO Dick Costolo, who revealed late Thursday his plans to step down, insisted his departure had nothing to do with the company’s disappointing financial performance. Rather, he said it was just time to go and that leaving without a full-time replacement – a telltale sign of trouble – was for the best.
“The scrutiny of the company would intensify if I remained CEO while the search process takes place,” Costolo said on a conference call.
He’s right about the scrutiny. Investors have been agitating against his leadership and the company’s direction for some time. Twitter’s outsized profile as an online bulletin board is in stark contrast to Twitter, the underwhelming business.
Although the company has 302 million monthly active users, an 18% increase over last year, that pace of growth is short of investor expectations. As Fortune’s Erin Griffith reported earlier this year, Costolo has been pushing…
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