Twitter on Monday confirmed last week’s rumors that it has named cofounder Jack Dorsey as its CEO. Dorsey, who has served as interim CEO of the company since July, will remain CEO and chairman of the mobile payments company he founded, Square, which filed for an IPO earlier this year.
During an early conference call on Monday, Twitter announced both Dorsey’s new position and the promotion of Adam Bain, the company’s head of global revenue and partnerships, to chief operating officer. Former CEO Dick Costolo, who stepped down in June, will be making his exit from Twitter’s board; the company is also searching for a new chairman, as the role was previously held by Dorsey.
Since Costolo resigned earlier this year, Dorsey–one of Twitter’s cofounders and its first CEO–has served as the company’s interim chief executive. The board had initially claimed that it would only hire a CEO who could devote all of his or her time to Twitter, which seemingly put Dorsey out of the running. Bain’s name was allegedly floated as a potential candidate, but as the New York Times reported last week, Dorsey increasingly gained support from investors at both Square and Twitter, who felt he was up to juggling the top job at both companies.
According to Re/code, board member Peter Currie noted on this morning’s conference call that the decision to bring on Dorsey permanently was unanimous. “Jack not only understands Twitter’s culture, but is already a vital part of it,” he said. When asked about the board’s prior statements about the CEO position being a full-time job, Currie said that Dorsey has a “particular gift for this role.”
During his statement, Dorsey put the focus on Twitter’s forthcoming live events coverage tool, Project Lightning, for which the company is launching an ad campaign this week.
[via New York Times]