Even as he takes over the reins at Twitter, Dorsey, 38, will continue to serve as CEO of Square, the payments and financial-services company he co-founded in 2009. He also will continue to serve on Twitter’s board, but will no longer be chairman.
“My ability to run both Twitter and Square is made possible by the great teams at both companies,” Dorsey said during an investor call Monday.
Dorsey will rely on key lieutenant Adam Bain, who has been elevated to the position of chief operating officer. He previously served as Twitter’s president of global revenue and partnerships, and was short-listed as a potential CEO candidate.
Variety reports Twitter shares rose 2.7% in premarket trading Monday on the news.
Dorsey had served as Twitter’s interim CEO since Dick Costolo departed at the end of June after six years at the company. Twitter said Costolo resigned from its board effective Sept. 30; the company has commenced a search for a new outside director to serve as chairman.
Our work forward is to make Twitter easy to understand by anyone in the world, and give more utility to the people who love to use it daily!
— Jack (@jack) October 5, 2015
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