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Twitter named Jack Dorsey as its permanent CEO but said it would look elsewhere for a chairman, seeking to allay concerns about its co-founder’s dual role as head of the mobile payments company Square.

San Francisco-based Twitter plunged on Thursday ahead of the company making it official that co-founder Jack Dorsey will be the tech company’s permanent CEO, according to a report Wednesday.

Twitter may be about to end its three-month hunt for a new CEO by asking current interim chief executive officer and company co-founder, Jack Dorsey, to take on the position permanently, according to Re/Code. The Twitter investor said it is not a “hypothetical...

Twitter shares closed Wednesday up 5.3 percent, to $26.94.