SAN FRANCISCO ¨C Twitter Inc. Chief Executive Officer Dick Costolo abruptly announced he was stepping down on Thursday amid increasing scrutiny of the company¡¯s slow user growth and inability to attract advertisers at the same rate as its competitors.
Costolo will be replaced by co-founder Jack Dorsey on an interim basis.
The company¡¯s shares jumped 7.7 percent to $38.60 following the news before paring gains to trade at $37.54.
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