How Twitter announced its CEO’s departure

Dick Costolo’s announcement that he was stepping down was one of two Thursday stories about top execs leaving; the other involved Rupert Murdoch of 21st Century Fox.

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.

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