Dick Costolo, new Twitter CEO

New York, Oct 5: Evan Williams, Twitter's co-founder is stepping down as the company's CEO, and Dick Costolo is taking over as the company's new chief executive.

Dick Costolo, has been the COO, and has proven himself as capable in executing Twitter"s latest revenue offerings, including sponsored ads on the right side

Where as Evan Williams will now focus completely on product strategy, effective immediately, he wrote in a post on the Internet company's official blog on Monday, Oct 4.

Dick was the founder of Feedburner, the RSS aggregation service before it was acquired by Google in 2007. He also worked with Google as a Group Product Manager for a short while.

According to the Alexa, over the last few years Twitter has grown dramatically, and has become the 7th most trafficked site on the web in the United States.

Twitter, which allows its more than 165 million users to Tweets, to groups of so-called followers, is one of the Web's most popular social networking services, along with Facebook and Zynga.

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