Embattled Twitter CEO Dick Costolo will leave the social networking company on July 1, a move that comes after months of intense pressure from disgruntled investors.

Twitter co-founder and Chairman Jack Dorsey will be taking over as interim CEO while the company looks for a new chief executive, the company announced Thursday. This doesn’t appear to be a Steve Jobs-esque return to the company for Dorsey, who will remain CEO of Square, the payments company he co-founded in 2009. Costolo will remain on Twitter’s board of directors.

The search for Costolo’s replacement will be conducted by a committee formed by Twitter’s board of directors. It will be helmed by Peter Currie, the former Netscape CFO and Twitter’s lead independent director. Company co-founder Evan Williams and venture capitalist Peter Fenton will also serve as members of the committee. Internal and external candidates will be considered for Twitter’s top job.

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