Twitter stock soars on news that CEO Dick Costolo is out

Twitter CEO Dick Costolo is stepping down, the company announced Thursday afternoon, and the stock shot up as much as 13% after hours.

It's currently hovering about 7.7% up.

Cofounder Jack Dorsey will be Twitter's interim CEO.

It's been a rough year for Twitter. Its stock plummeted after a disappointing Q1 earnings and investors and analysts were chattering about whether it was time for a leadership change.

It looks like they got their way.