The CEO shakeup isn't the only news out of Twitter this week. The popular microblogging platform has announced plans to remove the 140-character limit when sending Direct Messages, effectively transforming itself into a true messaging service.

Effective next month, Twitter users will be able to send DMs that are up to 10,000 characters in length which should be more than enough for virtually any and every type of conversation.

In its announcement, Twitter provided developers with a few recommendations designed to ensure their applications and services will be able to handle the longer format messages. Examples here include reviewing the new API additions and adjusting app UIs to accommodate longer DM text.

The change is the latest in Twitter's effort to improve its overall core functionality. Back in January, the company added the ability for users to send DMs to groups of up to 20 people. Building on its existing block and mute options, Twitter earlier this week rolled out another feature that allows users to export and share block lists.

The new features are no doubt in response to the growing popularity of messaging apps like Snapchat, WhatsApp and Facebook Messenger. By adding these new core features, executives are hoping to slow the flow of defectors while simultaneously appeasing investors.

The company, which remains unprofitable, was hit hard in late April when its earnings report leaked online ahead of schedule. Despite decent user growth, shares fell as much as 18 percent on missed earnings and have continued to slide.