Biz Stone steps away from Twitter

Twitter co-founder Biz Stone has announced he will be stepping away from the company to focus on new ventures.

Stone has announced on his blog he will be working with another Twitter co-founder, Ev Williams, on a number of new ventures under the Obvious Corporation brand.

“My work on Twitter has spanned more than half a decade and I will continue to work with the company for many years to come,” he said.

“During this time – especially lately – it has come to my attention that the Twitter crew and its leadership team have grown incredibly productive. I’ve decided that the most effective use of my time is to get out of the way until I’m called upon to be of some specific use.”

Stone confirmed Dick Costolo will remain chief executive.