Twitter has appointed Jack Dorsey, one of the social network’s co-founders, as its new CEO.
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Jack Dorsey, current CEO of Square, a mobile payments platform, and former CEO and co-founder of Twitter, was renamed to the position of Chief Executive Officer (CEO) with the company he founded back in 2006.
Early reactions to the return of Jack Dorsey as permanent CEO of Twitter appear to be positive as the company’s co-founder pushes to attract a wider audience. He was a member of the board since May 2007.
In its hiring of Dorsey, Twitter’s board recanted on a pledge issued in late June when it vowed to pick a CEO who would be able to make a “full-time commitment” to the company. He’s also on the board of The Walt Disney Company.
An SEC filing reveals that the company formally made the decision on September 30 and also that “there are no plans to provide Mr. Dorsey with direct compensation” for his role as Twitter’s chief executive.
Dorsey announced his appointment on Twitter and addressed any concerns that might arise from him holding the two roles.
Instead, Bain opted for the role of Chief Operating Officer-a step up from President of Global Revenue and Partnerships.
“My focus is to build teams that move fast, and learn faster”, he continued.
More worryingly, the number of core users who access Twitter at least once a month increased by only 2 million last quarter, to 304 million. “I’ll do whatever it takes”.
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This week, Twitter is expected to unveil “Project Lightning”, a new, user-friendly feature that will make it possible to view tweets according to subject matter and alleviate the need to amass a list of accounts to follow the news. He posted several tweets in which he said that it has been three months since he has been running the company, and the company has seen significant improvements during this time period. That included making management changes to the company’s product team and a new initiative exploring how to extend Twitter’s messaging beyond 140 characters. Square is reportedly gearing up for an IPO this year. He had frequent arguments with Williams, who had provided the initial funding for Twitter.
