Spin cycle: press start.

Today Twitter announced some not-so-surprising news — Dick Costolo is out as chief executive, and cofounder Jack Dorsey is in as interim CEO. Meanwhile, Twitter will search for a new CEO.

Speaking on an investor call this afternoon, Dorsey insisted the “transition is not anything more than Dick deciding to move on from his role as CEO.”


Dorsey’s claim contrasts the recent narrative of Costolo’s run as CEO, which has garnered significant criticism from investors like Chris Sacca over its direction and short-term performance.

Meanwhile, the market appears happy; in after-hours trading, Twitter’s stock jumped nearly 9 percent before settling back down.

Costolo, also on today’s investor call, said he first “initiated talks with the board” late last year … around that time, analysts like Robert Peck proclaimed such a change was imminent. Lucky guess?

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