Things just got more choppy at Twitter (TWTR).
Twitter CEO Dick Costolo has just announced his resignation, according to a report in the Wall Street Journal, leaving the reins to co-founder and Square CEO Jack Dorsey.
TWTR stock holders drove shares up some 6% in early after-market trading Thursday, seemingly cheering Costolo’s exit. No wonder — Twitter shares are off some 14% since their late 2013 IPO, and they’re almost halved from their peak near $70 at the start of 2014.
Dick Costolo plans to leave the company on July 1, after which Dorsey will temporarily take control.
In the meanwhile, TWTR directors Peter Currie, Peter Fenton and Evan Williams (another co-founder of Twitter) will search for a permanent chief executive.
As part of the announcement, TWTR indicated that it is sticking with its second-quarter outlook.
Tom Taulli runs the InvestorPlace blog IPO Playbook. He is also the author of High-Profit IPO Strategies, All About Commodities and All About Short Selling. Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.