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Twitter Names Costolo As New CEO

Twitter has revealed that its current chief executive officer has decided to step down as he plans to go back to running the development division.

CEO Evan Williams will be replaced by the current chief operating officer Dick Costolo in heading the the micro-blogging platform, tech news site Beta News reports.

“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,” said Williams in a post on company’s blog.

"During his year at Twitter, he has been a critical leader in devising and executing our revenue efforts, while simultaneously and effectively making the trains run on time in the office," he added.

Costolo is the founder of Feed Burner, which was acquired by Google, and joined the micro bloging site in 2009. He had previously helped Twitter to introduce advertising and licensing deals with Microsoft, Google and Yahoo.