Twitter's former CEO, Dick Costolo, plans to step down from the social network's board of directors, according to reports.
Costolo's been mulling the idea of stepping down from the board since hiswas announced in June, according to the Times (Recode said a definite plan has been in place since then).
Costolo, however, chose to remain a board member to help keep the transition to a new chief as smooth as possible, the Times said, at a time when Twitter has been feeling the heat from Wall Street.
The reported plan is the latest wrinkle in the saga of the social network, which has had asince going public in 2013. Analysts say the company has failed to build out new products and lure more users, and investors had called on Costolo to leave the CEO position.
Recode reported that a new chief will probably be in place by September. Twitter co-founder Jack Dorsey is currently interim CEO, and some have said he's tempted to return full time. But Dorsey has also said he won't leave his full-time role as chief of Square, the mobile-payments company he founded after Twitter and that's reportedly getting ready for an IPO. Twitter's board has said to the position.
The, who's currently Twitter's head of global revenue.
Twitter declined to comment.