Forrester Research: Costolo will be replaced by co-founder Jack Dorsey on an interim basis, according to The Japan Times. The company shares jumped 7.7 percent to $38.60 following the news before paring gains to trade at $37.54. Chief Executive Officer Dick Costolo abruptly announced he was stepping down on Thursday amid increasing scrutiny of the company slow user growth and inability to attract advertisers at the same rate as its competitors. Unfortunately this news isn’t surprising, said Nate Elliott of management consultant Forrester Research. Costolo said on a conferece call that he announced his resignation before announcing a CEO to ensure transparency in the search process. The bottom line is that Twitter isn’t very good right now at serving either its users or its marketers.
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