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Twitter	
  Initiates	
  CEO	
  Transition	
  
	
  
Dick	
  Costolo	
  to	
  Step	
  Down	
  as	
  CEO	
  on	
  July	
  1	
  and	
  Continue	
  on	
  Board	
  of	
  Directors	
  
	
   	
  
Co-­‐Founder	
  and	
  Chairman	
  Jack	
  Dorsey	
  to	
  Become	
  Interim	
  CEO	
  While	
  Board	
  Conducts	
  Search	
  	
  
	
  
	
  Company	
  Reaffirms	
  Second	
  Quarter	
  2015	
  Outlook	
  
	
  
SAN	
  FRANCISCO,	
  Calif.	
  –	
  June	
  11,	
  2015	
  –	
  Twitter,	
  Inc.	
  (NYSE:	
  TWTR)	
  today	
  announced	
  that	
  Dick	
  Costolo	
  
has	
  decided	
  to	
  step	
  down	
  as	
  Chief	
  Executive	
  Officer	
  of	
  Twitter,	
  effective	
  July	
  1,	
  2015.	
  	
  Twitter’s	
  Board	
  of	
  
Directors	
  has	
  named	
  Jack	
  Dorsey,	
  Co-­‐Founder	
  and	
  Chairman	
  of	
  the	
  Board,	
  to	
  serve	
  as	
  Interim	
  CEO	
  while	
  
the	
  Board	
  conducts	
  a	
  search	
  for	
  Twitter’s	
  next	
  CEO.	
  	
  Costolo	
  will	
  continue	
  to	
  serve	
  on	
  Twitter’s	
  Board	
  of	
  
Directors,	
  and	
  Dorsey	
  will	
  continue	
  to	
  serve	
  as	
  CEO	
  of	
  Square,	
  Inc.,	
  the	
  payments	
  and	
  financial	
  services	
  
company	
  he	
  co-­‐founded	
  in	
  2009.	
  	
  	
  
	
  
Twitter’s	
  Board	
  has	
  formed	
  a	
  Search	
  Committee	
  to	
  lead	
  the	
  search	
  for	
  a	
  permanent	
  CEO.	
  	
  The	
  Search	
  
Committee	
  is	
  chaired	
  by	
  the	
  Board’s	
  Lead	
  Independent	
  Director,	
  Peter	
  Currie,	
  and	
  includes	
  Peter	
  Fenton	
  
and	
  Evan	
  Williams.	
  	
  The	
  Committee	
  will	
  retain	
  a	
  leading	
  executive	
  search	
  firm	
  to	
  assist	
  in	
  conducting	
  a	
  
global	
  search,	
  which	
  will	
  consider	
  both	
  internal	
  and	
  external	
  candidates	
  for	
  the	
  CEO	
  position.	
  
	
  
Costolo	
  said,	
  “I	
  am	
  tremendously	
  proud	
  of	
  the	
  Twitter	
  team	
  and	
  all	
  that	
  the	
  team	
  has	
  accomplished	
  
together	
  during	
  my	
  six	
  years	
  with	
  the	
  Company.	
  	
  We	
  have	
  great	
  leaders	
  who	
  work	
  well	
  together	
  and	
  a	
  
clear	
  strategy	
  that	
  informs	
  our	
  objectives	
  and	
  priorities.	
  	
  There	
  is	
  no	
  one	
  better	
  than	
  Jack	
  Dorsey	
  to	
  lead	
  
Twitter	
  during	
  this	
  transition.	
  	
  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.	
  	
  I	
  am	
  deeply	
  appreciative	
  of	
  the	
  
confidence	
  the	
  Board,	
  the	
  management	
  team	
  and	
  the	
  employees	
  have	
  placed	
  in	
  me	
  over	
  the	
  years,	
  and	
  
I	
  look	
  forward	
  to	
  supporting	
  Twitter	
  however	
  I	
  can	
  going	
  forward.”	
  
	
  
Dorsey	
  said,	
  “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.	
  	
  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.”	
  
	
  
Dorsey	
  continued,	
  “I	
  am	
  grateful	
  for	
  the	
  talented	
  team	
  at	
  Square,	
  which	
  I	
  will	
  continue	
  to	
  lead.	
  We	
  have	
  
built	
  a	
  very	
  strong	
  company	
  from	
  top	
  to	
  bottom,	
  and	
  I	
  am	
  as	
  committed	
  as	
  ever	
  to	
  its	
  continued	
  
success.”	
  
	
  
Currie	
  said,	
  “On	
  behalf	
  of	
  the	
  Board,	
  I	
  want	
  to	
  thank	
  Dick	
  for	
  his	
  years	
  of	
  tireless	
  devotion	
  to	
  building	
  
Twitter	
  into	
  the	
  strong	
  and	
  dynamic	
  company	
  it	
  is	
  today,	
  putting	
  us	
  in	
  a	
  superb	
  position	
  for	
  continued	
  
growth	
  and	
  innovation	
  for	
  many	
  years	
  to	
  come.	
  	
  We	
  look	
  forward	
  to	
  his	
  continued	
  contributions	
  during	
  
the	
  transition	
  period	
  and	
  as	
  an	
  ongoing	
  member	
  of	
  the	
  Board.	
  	
  The	
  Board	
  is	
  fully	
  committed	
  to	
  running	
  a	
  
thorough	
  process	
  to	
  identify	
  the	
  right	
  CEO	
  to	
  lead	
  Twitter	
  into	
  its	
  next	
  phase	
  of	
  growth.	
  	
  In	
  the	
  
meantime,	
  we	
  are	
  fortunate	
  to	
  have	
  Jack	
  –	
  one	
  of	
  our	
  founders	
  –	
  step	
  back	
  into	
  a	
  management	
  role	
  and	
  
help	
  lead	
  Twitter	
  as	
  we	
  continue	
  executing	
  on	
  our	
  strategic	
  priorities.”	
  
	
  
	
  
 
2	
  
	
  
Second	
  Quarter	
  2015	
  Outlook	
  
Twitter	
  also	
  today	
  reaffirmed	
  its	
  outlook	
  for	
  the	
  second	
  quarter	
  of	
  2015.	
  The	
  Company	
  continues	
  to	
  
expect	
  revenue	
  to	
  be	
  in	
  the	
  range	
  of	
  $470	
  million	
  to	
  $485	
  million	
  and	
  adjusted	
  EBITDA	
  to	
  be	
  in	
  the	
  range	
  
of	
  $97	
  million	
  to	
  $102	
  million.	
  	
  Stock-­‐based	
  compensation	
  expense	
  is	
  expected	
  to	
  be	
  in	
  the	
  range	
  of	
  
$190	
  million	
  to	
  $200	
  million,	
  excluding	
  the	
  impact	
  of	
  equity	
  awards	
  that	
  may	
  be	
  granted	
  in	
  connection	
  
with	
  potential	
  future	
  acquisitions.	
  
	
  
Webcast	
  and	
  Conference	
  Call	
  Details	
  
Twitter	
  will	
  host	
  a	
  conference	
  call	
  today,	
  Thursday,	
  June	
  11,	
  2015	
  at	
  2:15	
  p.m.	
  Pacific	
  Time	
  (5:15	
  p.m.	
  
Eastern	
  Time)	
  to	
  discuss	
  the	
  executive	
  transition.	
  	
  Questions	
  submitted	
  via	
  Twitter,	
  directed	
  to	
  
@TwitterIR,	
  using	
  the	
  hashtag	
  #TWTRannouncement	
  will	
  be	
  considered	
  during	
  the	
  Q&A	
  portion	
  of	
  the	
  
conference	
  call	
  in	
  addition	
  to	
  questions	
  submitted	
  by	
  conference	
  call	
  participants.	
  	
  A	
  live	
  webcast	
  of	
  the	
  
conference	
  call	
  will	
  be	
  accessible	
  from	
  the	
  Investor	
  Relations	
  page	
  of	
  Twitter’s	
  website	
  at	
  
investor.twitterinc.com.	
  	
  The	
  live	
  webcast	
  can	
  also	
  be	
  accessed	
  in	
  the	
  United	
  States	
  at	
  1-­‐855-­‐631-­‐5368	
  
and	
  outside	
  the	
  United	
  States	
  at	
  +1-­‐330-­‐863-­‐3283	
  with	
  the	
  passcode	
  65627327.	
  	
  A	
  replay	
  will	
  be	
  
archived	
  and	
  accessible	
  at	
  the	
  same	
  website	
  after	
  the	
  conference	
  call.	
  	
  Twitter	
  has	
  used,	
  and	
  intends	
  to	
  
continue	
  to	
  use,	
  its	
  Investor	
  Relations	
  website	
  (investor.twitterinc.com),	
  as	
  well	
  as	
  certain	
  Twitter	
  
accounts	
  (@dickc,	
  @twitter	
  and	
  @twitterIR),	
  as	
  means	
  of	
  disclosing	
  material	
  non-­‐public	
  information	
  and	
  
for	
  complying	
  with	
  its	
  disclosure	
  obligations	
  under	
  Regulation	
  FD.	
  
	
  
About	
  Twitter,	
  Inc.	
  
Twitter	
  (NYSE:	
  TWTR)	
  is	
  a	
  global	
  platform	
  for	
  public	
  self-­‐expression	
  and	
  conversation	
  in	
  real	
  time.	
  	
  By	
  
developing	
  a	
  fundamentally	
  new	
  way	
  for	
  people	
  to	
  create,	
  distribute	
  and	
  discover	
  content,	
  we	
  have	
  
democratized	
  content	
  creation	
  and	
  distribution,	
  enabling	
  any	
  voice	
  to	
  echo	
  around	
  the	
  world	
  instantly	
  
and	
  unfiltered.	
  	
  The	
  service	
  can	
  be	
  accessed	
  at	
  Twitter.com,	
  via	
  the	
  Twitter	
  mobile	
  application	
  and	
  via	
  
text	
  message.	
  	
  Available	
  in	
  more	
  than	
  35	
  languages,	
  Twitter	
  has	
  approximately	
  302	
  million	
  monthly	
  
active	
  users.	
  	
  For	
  more	
  information,	
  visit	
  discover.twitter.com	
  or	
  follow	
  @twitter.	
  
	
  
Forward-­‐Looking	
  Statements	
  
This	
  press	
  release	
  contains	
  forward-­‐looking	
  statements	
  within	
  the	
  meaning	
  of	
  Section	
  27A	
  of	
  the	
  
Securities	
  Act	
  of	
  1933	
  and	
  Section	
  21E	
  of	
  the	
  Securities	
  Exchange	
  Act	
  of	
  1934.	
  	
  Forward-­‐looking	
  
statements	
  generally	
  relate	
  to	
  future	
  events	
  or	
  Twitter’s	
  future	
  financial	
  or	
  operating	
  performance.	
  	
  In	
  
some	
  cases,	
  you	
  can	
  identify	
  forward-­‐looking	
  statements	
  because	
  they	
  contain	
  words	
  such	
  as	
  “may,”	
  
“will,”	
  “should,”	
  “expects,”	
  “plans,”	
  “anticipates,”	
  “could,”	
  “intends,”	
  “target,”	
  “projects,”	
  
“contemplates,”	
  “believes,”	
  “estimates,”	
  “predicts,”	
  “potential”	
  or	
  “continue”	
  or	
  the	
  negative	
  of	
  these	
  
words	
  or	
  other	
  similar	
  terms	
  or	
  expressions	
  that	
  concern	
  Twitter’s	
  expectations,	
  strategy,	
  plans	
  or	
  
intentions.	
  	
  Forward-­‐looking	
  statements	
  in	
  this	
  press	
  release	
  include,	
  but	
  are	
  not	
  limited	
  to,	
  Twitter’s	
  
outlook	
  for	
  revenue,	
  adjusted	
  EBITDA	
  and	
  stock	
  based	
  compensation	
  for	
  the	
  second	
  quarter	
  of	
  2015,	
  as	
  
well	
  as	
  statements	
  regarding	
  Twitter’s	
  products,	
  strategy,	
  objectives,	
  priorities,	
  initiatives	
  and	
  future	
  
growth.	
  	
  The	
  forward-­‐looking	
  statements	
  are	
  based	
  on	
  Twitter’s	
  current	
  expectations	
  and	
  are	
  subject	
  to	
  
numerous	
  risks	
  and	
  uncertainties	
  that	
  may	
  cause	
  these	
  forward-­‐looking	
  statements	
  to	
  be	
  inaccurate.	
  	
  
These	
  risks	
  include	
  the	
  possibility	
  that:	
  Twitter’s	
  user	
  base	
  and	
  engagement	
  do	
  not	
  continue	
  to	
  grow;	
  
advertisers	
  reduce	
  or	
  discontinue	
  their	
  spending	
  on	
  Twitter;	
  data	
  partners	
  reduce	
  or	
  discontinue	
  their	
  
purchases	
  of	
  data	
  licenses	
  from	
  Twitter;	
  and	
  Twitter	
  experiences	
  expenses	
  that	
  exceed	
  its	
  expectations.	
  	
  
The	
  forward-­‐looking	
  statements	
  contained	
  in	
  this	
  press	
  release	
  are	
  also	
  subject	
  to	
  other	
  risks	
  and	
  
uncertainties,	
  including	
  those	
  more	
  fully	
  described	
  in	
  Twitter’s	
  Annual	
  Report	
  on	
  Form	
  10-­‐K	
  for	
  the	
  year	
  
ended	
  December	
  31,	
  2014	
  and	
  Quarterly	
  Report	
  on	
  Form	
  10-­‐Q	
  for	
  the	
  quarter	
  ended	
  March	
  31,	
  2015	
  
filed	
  with	
  the	
  Securities	
  and	
  Exchange	
  Commission.	
  	
  The	
  forward-­‐looking	
  statements	
  in	
  this	
  press	
  
 
3	
  
	
  
release	
  are	
  based	
  on	
  information	
  available	
  to	
  Twitter	
  as	
  of	
  the	
  date	
  hereof,	
  and	
  Twitter	
  disclaims	
  any	
  
obligation	
  to	
  update	
  any	
  forward-­‐looking	
  statements,	
  except	
  as	
  required	
  by	
  law.	
  
	
  
Contacts	
  
	
  
Investors:	
  
Krista	
  Bessinger	
  
ir@twitter.com	
  
	
  
Press:	
  
George	
  Sard	
  /	
  Paul	
  Kranhold	
  
Sard	
  Verbinnen	
  &	
  Co	
  
(212)	
  687-­‐8080	
  /	
  (415)	
  618-­‐8750	
  
	
  
	
  
	
  

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  • 1.   1       Twitter  Initiates  CEO  Transition     Dick  Costolo  to  Step  Down  as  CEO  on  July  1  and  Continue  on  Board  of  Directors       Co-­‐Founder  and  Chairman  Jack  Dorsey  to  Become  Interim  CEO  While  Board  Conducts  Search        Company  Reaffirms  Second  Quarter  2015  Outlook     SAN  FRANCISCO,  Calif.  –  June  11,  2015  –  Twitter,  Inc.  (NYSE:  TWTR)  today  announced  that  Dick  Costolo   has  decided  to  step  down  as  Chief  Executive  Officer  of  Twitter,  effective  July  1,  2015.    Twitter’s  Board  of   Directors  has  named  Jack  Dorsey,  Co-­‐Founder  and  Chairman  of  the  Board,  to  serve  as  Interim  CEO  while   the  Board  conducts  a  search  for  Twitter’s  next  CEO.    Costolo  will  continue  to  serve  on  Twitter’s  Board  of   Directors,  and  Dorsey  will  continue  to  serve  as  CEO  of  Square,  Inc.,  the  payments  and  financial  services   company  he  co-­‐founded  in  2009.         Twitter’s  Board  has  formed  a  Search  Committee  to  lead  the  search  for  a  permanent  CEO.    The  Search   Committee  is  chaired  by  the  Board’s  Lead  Independent  Director,  Peter  Currie,  and  includes  Peter  Fenton   and  Evan  Williams.    The  Committee  will  retain  a  leading  executive  search  firm  to  assist  in  conducting  a   global  search,  which  will  consider  both  internal  and  external  candidates  for  the  CEO  position.     Costolo  said,  “I  am  tremendously  proud  of  the  Twitter  team  and  all  that  the  team  has  accomplished   together  during  my  six  years  with  the  Company.    We  have  great  leaders  who  work  well  together  and  a   clear  strategy  that  informs  our  objectives  and  priorities.    There  is  no  one  better  than  Jack  Dorsey  to  lead   Twitter  during  this  transition.    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.    I  am  deeply  appreciative  of  the   confidence  the  Board,  the  management  team  and  the  employees  have  placed  in  me  over  the  years,  and   I  look  forward  to  supporting  Twitter  however  I  can  going  forward.”     Dorsey  said,  “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.    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.”     Dorsey  continued,  “I  am  grateful  for  the  talented  team  at  Square,  which  I  will  continue  to  lead.  We  have   built  a  very  strong  company  from  top  to  bottom,  and  I  am  as  committed  as  ever  to  its  continued   success.”     Currie  said,  “On  behalf  of  the  Board,  I  want  to  thank  Dick  for  his  years  of  tireless  devotion  to  building   Twitter  into  the  strong  and  dynamic  company  it  is  today,  putting  us  in  a  superb  position  for  continued   growth  and  innovation  for  many  years  to  come.    We  look  forward  to  his  continued  contributions  during   the  transition  period  and  as  an  ongoing  member  of  the  Board.    The  Board  is  fully  committed  to  running  a   thorough  process  to  identify  the  right  CEO  to  lead  Twitter  into  its  next  phase  of  growth.    In  the   meantime,  we  are  fortunate  to  have  Jack  –  one  of  our  founders  –  step  back  into  a  management  role  and   help  lead  Twitter  as  we  continue  executing  on  our  strategic  priorities.”      
  • 2.   2     Second  Quarter  2015  Outlook   Twitter  also  today  reaffirmed  its  outlook  for  the  second  quarter  of  2015.  The  Company  continues  to   expect  revenue  to  be  in  the  range  of  $470  million  to  $485  million  and  adjusted  EBITDA  to  be  in  the  range   of  $97  million  to  $102  million.    Stock-­‐based  compensation  expense  is  expected  to  be  in  the  range  of   $190  million  to  $200  million,  excluding  the  impact  of  equity  awards  that  may  be  granted  in  connection   with  potential  future  acquisitions.     Webcast  and  Conference  Call  Details   Twitter  will  host  a  conference  call  today,  Thursday,  June  11,  2015  at  2:15  p.m.  Pacific  Time  (5:15  p.m.   Eastern  Time)  to  discuss  the  executive  transition.    Questions  submitted  via  Twitter,  directed  to   @TwitterIR,  using  the  hashtag  #TWTRannouncement  will  be  considered  during  the  Q&A  portion  of  the   conference  call  in  addition  to  questions  submitted  by  conference  call  participants.    A  live  webcast  of  the   conference  call  will  be  accessible  from  the  Investor  Relations  page  of  Twitter’s  website  at   investor.twitterinc.com.    The  live  webcast  can  also  be  accessed  in  the  United  States  at  1-­‐855-­‐631-­‐5368   and  outside  the  United  States  at  +1-­‐330-­‐863-­‐3283  with  the  passcode  65627327.    A  replay  will  be   archived  and  accessible  at  the  same  website  after  the  conference  call.    Twitter  has  used,  and  intends  to   continue  to  use,  its  Investor  Relations  website  (investor.twitterinc.com),  as  well  as  certain  Twitter   accounts  (@dickc,  @twitter  and  @twitterIR),  as  means  of  disclosing  material  non-­‐public  information  and   for  complying  with  its  disclosure  obligations  under  Regulation  FD.     About  Twitter,  Inc.   Twitter  (NYSE:  TWTR)  is  a  global  platform  for  public  self-­‐expression  and  conversation  in  real  time.    By   developing  a  fundamentally  new  way  for  people  to  create,  distribute  and  discover  content,  we  have   democratized  content  creation  and  distribution,  enabling  any  voice  to  echo  around  the  world  instantly   and  unfiltered.    The  service  can  be  accessed  at  Twitter.com,  via  the  Twitter  mobile  application  and  via   text  message.    Available  in  more  than  35  languages,  Twitter  has  approximately  302  million  monthly   active  users.    For  more  information,  visit  discover.twitter.com  or  follow  @twitter.     Forward-­‐Looking  Statements   This  press  release  contains  forward-­‐looking  statements  within  the  meaning  of  Section  27A  of  the   Securities  Act  of  1933  and  Section  21E  of  the  Securities  Exchange  Act  of  1934.    Forward-­‐looking   statements  generally  relate  to  future  events  or  Twitter’s  future  financial  or  operating  performance.    In   some  cases,  you  can  identify  forward-­‐looking  statements  because  they  contain  words  such  as  “may,”   “will,”  “should,”  “expects,”  “plans,”  “anticipates,”  “could,”  “intends,”  “target,”  “projects,”   “contemplates,”  “believes,”  “estimates,”  “predicts,”  “potential”  or  “continue”  or  the  negative  of  these   words  or  other  similar  terms  or  expressions  that  concern  Twitter’s  expectations,  strategy,  plans  or   intentions.    Forward-­‐looking  statements  in  this  press  release  include,  but  are  not  limited  to,  Twitter’s   outlook  for  revenue,  adjusted  EBITDA  and  stock  based  compensation  for  the  second  quarter  of  2015,  as   well  as  statements  regarding  Twitter’s  products,  strategy,  objectives,  priorities,  initiatives  and  future   growth.    The  forward-­‐looking  statements  are  based  on  Twitter’s  current  expectations  and  are  subject  to   numerous  risks  and  uncertainties  that  may  cause  these  forward-­‐looking  statements  to  be  inaccurate.     These  risks  include  the  possibility  that:  Twitter’s  user  base  and  engagement  do  not  continue  to  grow;   advertisers  reduce  or  discontinue  their  spending  on  Twitter;  data  partners  reduce  or  discontinue  their   purchases  of  data  licenses  from  Twitter;  and  Twitter  experiences  expenses  that  exceed  its  expectations.     The  forward-­‐looking  statements  contained  in  this  press  release  are  also  subject  to  other  risks  and   uncertainties,  including  those  more  fully  described  in  Twitter’s  Annual  Report  on  Form  10-­‐K  for  the  year   ended  December  31,  2014  and  Quarterly  Report  on  Form  10-­‐Q  for  the  quarter  ended  March  31,  2015   filed  with  the  Securities  and  Exchange  Commission.    The  forward-­‐looking  statements  in  this  press  
  • 3.   3     release  are  based  on  information  available  to  Twitter  as  of  the  date  hereof,  and  Twitter  disclaims  any   obligation  to  update  any  forward-­‐looking  statements,  except  as  required  by  law.     Contacts     Investors:   Krista  Bessinger   ir@twitter.com     Press:   George  Sard  /  Paul  Kranhold   Sard  Verbinnen  &  Co   (212)  687-­‐8080  /  (415)  618-­‐8750