Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
The company’s chief operating officer will take over for Evan Williams.
Twitter co-founder Evan Williams today stepped down as the company’s CEO to focus on product strategy. Dick Costolo, Twitter’s chief operating officer, has replaced Williams.
“I am most satisfied while pushing product direction,” Williams wrote in a blog post announcing his decision. “Building things is my passion, and I’ve never been more excited or optimistic about what we have to build. Starting today, I’ll be completely focused on product strategy.”
Williams departs less than a month after Twitter introduced a new design that enables consumers to see more content with fewer clicks. The new design features a screen divided into a split-pane that shows such content as the author’s biographical information and photo, along with replies to the post from other users. Under the old design, users had to load new pages to reveal these details.
Williams today wrote that consumers send about 90 million Twitter messages per day, up from 1.25 million when he became CEO two years ago. Twitter has 160 million registered users, up from 3 million, he added, and 300 employees, up from 20.