Dorsey Named Permanent CEO at Twitter

Will Also Remain CEO of Square (Updating)
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As expected, Jack Dorsey was named the permanent CEO of Twitter, and will also remain CEO of Square, the mobile payment startup he founded in 2009.

Re/code reported last week that the decision was imminent. Dorsey  had stepped in as interim CEO after the former chief of the social media giant, Dick Costolo,stepped down in July as the company struggled to achieve growth levels that investors were looking for. In July, Twitter pulled in Q2 results that soundly beat analysts’ estimates.

Per this FCC filing, the Twitter board appointed Dorsey, a Twitter co-founder, as CEO, on September 30. Dorsey will continue to serve on the Twitter board, but will no longer act as chairman. Additionally, Costolo has resigned from the Twitter board, the filing said.

Dorsey, 38, also currently serves on the boards of directors of The Walt Disney Company and Square.

“There are currently no plans to provide Mr. Dorsey with direct compensation for his role as Chief Executive Officer,” the filing noted.

Among other moves, the Twitter board appointed Adam Bain as COO. Bain, 42, served as Twitter’s president, global revenue & partnerships from September 2010 to October 2015, and is an exec late of News Corp.

“My focus is to build teams that move fast, and learn faster. In the past 3 months we have increased our speed and urgency at both companies,” Dorsey (@Jack) said in this tweet distributed Monday morning.

“Twitter,” he added, “is the most powerful communications tool of our time. It shows everything the world is saying rn…10-15 minutes before anything else.”