Twitter COO Dick Costolo Takes Over As CEO [Breaking News]

Twitter COO Dick Costolo has been given the reigns of the company, taking over the position of CEO from site co-founder Evan Williams.

Williams writes of the decision:

The challenges of growing an organization so quickly are numerous. Growing big is not success, in itself. Success to us means meeting our potential as a profitable company that can retain its culture and user focus while having a positive impact on the world. This is no small task. I frequently reflect on the type of focus that is required from everyone at Twitter to get us there.

This led to a realization as we launched the new Twitter. I am most satisfied while pushing product direction. Building things is my passion, and I’ve never been more excited or optimistic about what we have to build.

This is why I have decided to ask our COO, Dick Costolo, to become Twitter’s CEO. Starting today, I’ll be completely focused on product strategy.

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More on this breaking story as we gain further information about the switch.

Funny enough, just as I read his post I tried to log into Twitter and had five minutes of fail whales…so far, not so good.