News Update: Twitter COO Dick Costolo Upgraded to CEO; Co-Founder Evan Williams to Focus on Strategy

"Twitter Inc. appointed Dick Costolo as the social networking site's new chief executive, as co-founder Evan Williams will be ""completely focused on product strategy,"" read a post on Twitter's website Monday.

Costolo has been Twitter's chief operating officer for about one year and was the former CEO of Feedburner.

""Given Dick's track record as a three-time successful CEO, I'm confident we can make this a smooth transition,"" Williams wrote."

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