Twitter and 21st Century Fox took very different approaches to heralding their CEOs’ imminent departures Thursday. Twitter ripped off the Band-Aid; News Corp. is still waiting to make it official.
Twitter issued this press release Thursday afternoon announcing that CEO Dick Costolo would be exiting as top exec July 1 and that co-founder Jack Dorsey would stand in for him temporarily. The company has initiated a search for a new CEO.
“I am deeply appreciative of the confidence of the Board, the management team and employees have placed in me over the years, and I look forward to supporting Twitter however I can going forward,” Costolo is quoted as saying in the release. Costolo will keep a seat on the company’s board of directors.