Jack Dorsey will be doing double duty soon. The 38-year-old Missouri-native will be serving as the interim CEO of Twitter, while also continuing to serve as the CEO of Square Inc.

Twitter's current CEO, Dick Costolo, announced today he'd be stepping down on July 1. Costolo, who's been the CEO for six years, will remain on Twitter's board of directors.

"The future belongs to Twitter thanks in large part to Dick Costolo's dedication and vision. Dick has put a world-class team in place and created a great foundation from which Twitter can continue to change the world and grow," said Dorsey in a June 11 press release. "We have an exciting lineup of products and initiatives coming to market, and I look forward to continuing to execute our strategy while helping facilitate a smooth transition as the board conducts its search."

Twitter's board has formed a search committee to look for a permanent CEO. The committee will be looking both internally and externally, and will consider candidates globally.

Dorsey was a co-founder of Twitter and was previously its chairman. Dorsey left Twitter in 2009 to co-found Square, which revolutionized the merchant card acceptance market with its card reader that plugs into a smartphone's headphone jack.

"There is no one better than Jack Dorsey to lead Twitter during this transition," Costolo said in the press release. "He has a profound understanding of the product and Twitter's mission in the world as well as a great relationship with Twitter's leadership team."

Costolo also said he was "tremendously proud" of Twitter and its team.

The company also reaffirmed its second-quarter outlook, expecting revenue to be between $470 million and $485 million. Twitter, which is available in 35 languages, has approximately 302 million active users monthly. 

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