Twitter has finally named Jack Dorsey as its permanent CEO in hopes that its once-spurned co-founder can hatch a plan to expand the short messaging service’s audience and end nearly a decade of financial losses.
The hiring ends Twitter’s three-month search for a new leader. It marks Dorsey’s second stint as CEO since he helped start the San Francisco company more than nine years ago.
Twitter dumped Dorsey his first time around, but its board of directors appears convinced that he has the maturity to fix the problems that has caused the company’s stock to lose nearly half its value in the past five months. Dorsey will step down as chairman from the company, but he will continue as CEO of Square, a company he co-founded in 2009.
This is Dorsey’s second run at being CEO . He made the announcement via Twitter of course.
According to a report by The Next Web, in the documents filed with the SEC, the company says that Dorsey won’t receive any direct compensation for being the CEO of Twitter and that there are no plans to provide any. This may be due to the reason that Dorsey isn’t only the founder, but one of the largest stockholders in the company as well.
In addition to the new role, Adam Bain is becoming COO. Bain used to handle Revenue & Partnerships at Twitter. Dorsey also announced that a new board is in the works.
According to a report, some investors said Dorsey was a more effective leader now than in 2008, when the co-founder was fired from his first stint as Twitter CEO. Press reports suggested Dorsey’s attention was on other projects, and he struggled to manage frequent outages during a period of exploding growth.
Twitter’s last CEO, Dick Costolo, announced his decision to step down in June, under mounting concerns about the company’s slow user growth and seeming inability to attract advertisers at the same rate as competitors.
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