Twitter Names New CEO: Jack Dorsey

The board was reportedly anxious about Dorsey leading Twitter while continuing to work at Square because it wanted someone to focus entirely on the social network.

Twitter confirmed the news Monday morning (Oct. 5) that the decision to appoint Jack Dorsey – Twitter’s founder – as permanent CEO was approved by the board on September 30.

On management part, Dorsey will now be leading Twitter’s operations and a new board is also in progress.

Twitter has announced that it plans to rework its board of directors, including bringing in a chairman from outside the company.

Instead, Bain opted for the role of Chief Operating Officer-a step up from President of Global Revenue and Partnerships.

“There are no arrangements or understandings between Dorsey and any other persons pursuant to which he was selected as CEO”, Twitter said.

Square is expected to be floated on the United States stock exchange this year and he may have to spend a substantial amount of time trying to woo investors for the IPO.

It seems evident, however, that during his time as interim CEO, Dorsey has managed to convince both the board and investors that he’s the right man for the job, and as a result could be named as Costolo’s permanent replacement in the coming days.

The Dorsey appointment may help reinvigorate Twitter and chart a new path for growth as its stock sits near an all-time low.

Although Twitter is among the world’s best known technology companies, it still hasn’t posted a profit and its user growth has been slowing.

“We assumed we would only consider a candidate who could make an undivided commitment to be our CEO”, Currie said.

Dorsey will remain head of fast-growing mobile payments company Square, which he also co-founded, potentially setting up conflicts of interest.

When this happens, Dorsey will be one of the few CEOs who run two important companies at once.

Dorsey sent Twitter’s first tweet – “just setting up my twttr” – in March 2006.

Dorsey also stated that he will do “whatever it takes” to ensure Twitter grows its worldwide impact, saying the platform is “the most powerful communcations tool of our time”. “Twitter is stagnating because its product looks nearly exactly like it did when it launched ten years ago”, he says.