-- Twitter CEO Dick Costolo is stepping down from his position today as the social media network faces increased pressure to show investors it has a strategy for growth.
Jack Dorsey, co-founder of Twitter, will step into his old role of CEO on an interim basis as Twitter's board searches for a permanent replacement who will have to manage the pressure of meeting Wall Street's expectations on a quarterly basis.
Dorsey, who previously held the top job before Costolo, will be tasked with being more than just a seat warmer as a committee searches for a permanent replacement.
While a leadership transition could infuse new energy into the company, Dorsey said in a call with investors last month he doesn't "foresee any changes in strategy or direction" and will be focused on making the leadership transition as seamless as possible for stakeholders.
With 302 million monthly active users, Twitter has tremendous reach but has lagged in attracting and retaining new users, who in turn entice businesses to advertise on Twitter and drive revenue.
"The opportunity is absolutely massive. The intention is to certainly bring it to everyone around the world," Dorsey said in the call. "If we build a product people love and value, advertisers and users will follow."
At its first ever "analyst day" conference last November, Costolo shared his vision for helping Twitter grow and find new ways to engage its audience.
Among the changes that have been introduced since then are a more seamless video experience within tweets, the ability to direct message multiple people and a "what you missed" feature to make sure users see the most relevant tweets.
An instant timeline feature has also been added for new users as a way to help them feel more engaged with Twitter from the start -- and to hopefully keep them coming back to the site.
Two new products, Fabric and Periscope, were also introduced this year. Dorsey said more products are in the pipeline for later this year and he does not anticipate any delays due to the leadership transition.
While the committee hasn't dropped hints of who is being considering for the top job, Dorsey said it's vital whoever takes the reins is "someone who uses and loves the product in every single way" and is ready to continue innovating.
"Despite all we have accomplished, the company still has huge unmet potential," he said.