Embattled Twitter CEO Dick Costolo will step down on July 1, the company said Thursday.
Costolo will remain on the social media company's board while Chairman and co-founder Jack Dorsey will take the position on an interim basis. Twitter will look for successors both internally and externally, but Dorsey suggested on a call after the announcement that there would not be any strategy changes.
Many investors and analysts have called for a shakeup amid a sluggish run for Twitter's stock. The company has struggled to expand its user base and grow revenue through advertising and other streams. Investors reacted positively to Costolo's departure Thursday, as shares spiked as much as 9 percent in extended trading.
But sources told CNBC that Costolo was not forced out, and that it was actually his decision to step down, something he had been considering for some time.
"This transition is not the result of anything more than Dick deciding to move on from his role as CEO," Dorsey said on a call after the announcement. "There is no connection with our near-term results."
In fact, Dorsey said that one of the reasons he is stepping into the interim role is that he believes Twitter's current business strategy is "right."