Twitter CEO Blogs That He Is Stepping Down

By Sajid Farooq
|  Monday, Oct 4, 2010  |  Updated 6:23 PM EDT
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Jillian West / Twitter

Dmitry Medvedev, left, laughs it up with Twitter co-founders Evan Williams, center, and Biz Stone, right.

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Two years, 280 new hires, 157 million new users and 87 million daily tweets later, Twitter CEO Evan Williams is stepping down.

The young leader of the San Francisco-based microblogging site ironically took to his other baby -- a blog -- to announce his move. It seems 140 characters were not enough to make his point.

Williams will stay with the company but instead focus on product strategy, which is his "passion." Twitter COO Dick Costolo will become the company's new CEO immediatly. Costolo has been in charge of creating revenue sources for the young company, which wil be Twitter's focus moving forward.

The move has been in the works for over a year, according to Williams. He said he requested that Costolo become the new leader of the company 12 months ago but was met with questions from Twitter's board.

But now was the right time.

"I’m extremely proud of how far Twitter has come in the last two years," he wrote on his blog. "And, I couldn’t be more excited about where our amazing team will take it next."

Under his watch, Twitter has grown from a fringe social networking site into one integrated with television shows and with a valuation of over $1 billion.

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