Yes, it's all detailed in Hatching Twitter which is written by a NY Times columnist. Basically, when Ev was CEO, the board told him to his face he was doing a fantastic job. He had turned around the product org and gotten user growth back on track. At the same time, Fred and a few of the other investors met secretly with Jack and came up with a plan to push Ev out and, bring Jack back with Dick Costolo as interim CEO.
Excerpt from the book after Ev was told he was out:
Williams, stunned, picked up the phone and began dialing. Bijan Sabet was apologetic and insisted that they wanted to keep him on in a product-advisory role. According to several people at the company, Fred Wilson, however, said he thought Williams had always been a terrible C.E.O. “I never considered you a founder,” he said. “Jack founded Twitter.”
Other portfolio investments of his have followed a similar pattern of having the original CEO pushed out once they get to a certain level of success.