Twitter has announced that CEO Dick Costolo is to step down at the beginning of July.
He will leave his current role on 1 July, but will stay on at the company as part of its Board of Directors.
Meanwhile Jack Dorsey, the site’s co-founder and current Chairman of the Board, will serve as Twitter’s interim CEO while the search for a permanent leader goes on.
“I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the company,” said Costolo.
“I am deeply appreciative of the confidence the Board, the management team and the employees have placed in me over the years, and I look forward to supporting Twitter however I can going forward.”
Twitter’s Board has formed a special committee to conduct the search, though it will be assisted by a specialist firm. Both internal and external candidates will be considered.
Dorsey has clarified that his temporary new role will not affect his position as CEO of Square, the payments company he co-founded in 2009.
He also hinted at an upcoming range of Twitter products and services, though revealed no details of what they may be.
“We have an exciting line-up of products and initiatives coming to market, and I look forward to continuing to execute our strategy while helping facilitate a smooth transition as the Board conducts its search,” said Dorsey.
The micro-blogging site has also revealed that it expects second quarter revenue to stand between $470 million and $485 million (£303 million – 313 million).