University alum Dick Costolo announced today he is stepping down from his position as CEO of Twitter, effective July 1, according to a press release.

Costolo was named CEO in 2010, after serving as the company’s chief operating officer since 2009.

Costolo graduated from the University in 1985 with a bachelor’s degree in computer and communications sciences. As a student, Costolo was a member of Phi Gamma Delta fraternity and involved in theater. After graduating, he spent time in Chicago working as a standup comedian before shifting to work in technology in 1996. Costolo founded three companies, one of which, Feedburner, was sold in 2007 for $100 million to Google, where he worked until moving to Twitter in 2009.

In 2013, he delivered the Spring Commencement address at the University.

Jack Dorsey, who was Twitter’s CEO from May 2007 to October 2008, will succeed Costolo as interim CEO. Dorsey is a co-founder of Twitter and has been on the Board of Directors since May 2007. He is a co-founder of Square, Inc., as well as its CEO — a position he will continue to hold after he assumes his position at Twitter on July 1.

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