Twitter’s Chief Operations Executive Dick Costolo will take over from current Chief Executive and co-founder Evan Williams, who plans to focus more on product strategy.
Williams commented on a blog post that “building is my passion” so he has released the reins, which he held for two years, to focus on that passion and try to find way to monetarize Twitter.
Twitter is estimated to be worth between $1 and $2.4 billion and has more than 160 million users around the globe.
Costolo, who is a former Google Inc advertising manager joined Twitter a year ago and has spearheaded initiatives for partnerships with Google, Yahoo and Microsoft.
Twitter launched four years ago and has quickly climbed the social network ladder to become the third largest social networking internet site, with over 90 million unique visitors in August 2010, a 76 percent jump from the same time last year. Twitter is behind Facebook and Windows Live Profile in the social networking site ranks.
The Twitter team has grown to be almost 300 strong, with analysts anticipating that more jobs will be created with the company as it expands. With user’s posting more than 90 million ‘tweets’ or updates each day, the company is sure to expand rapidly.
With a large share of the social networking market, Twitter is now concentrating on generating income from that slice, mostly via advertising. The Twitter advertising strategies are not quite perfected, with some companies yet to be convinced that advertising on Twitter will translate into sales.
