After a high-profile executive search and lots of pressure from investors for the company to make a decision, the board’s persistence has led them in a complete circle to choose Twitter co-founder Jack Dorsey, who is now serving as the company’s interim CEO, to take the permanent position.
Advertisement
Twitter made the announcement via a filing with the Securities and Exchange Commission. He also will continue to serve on Twitter’s board, but will no longer be chairman. Dorsey has already begun making changes to the company’s board, starting with his announcement that the chief operating officer of the company would be Adam Bain.
There is speculation that more changes at Twitter are on the horizon, including a shuffling of the company’s board of directors and the expansion of Twitter’s famed 140-character limit – a Dorsey original idea.
“We’re working hard at Twitter to focus our roadmap on a few things we can make really great”, Dorsey tweeted.
Dorsey on March 21, 2006 posted the service’s first-ever tweet. Dorsey became CEO soon after but lost the role in 2008, because he became a “distracted manager”, according to a profile in The New Yorker. In the past three months we have increased our speed and urgency at both companies. In terms of other bullish comments, JP Morgan sees Jack Dorsey’s appointment as permanent CEO positive for a number of reasons.
Fortunately for Twitter, most of its current revenue is unaffected by the new wave of ad-blockers flooding the market.
Dorsey has served as interim CEO of the microblogging service since former CEO Dick Costolo stepped down on July 1. He eventually returned to the company as executive chairman. ” “Why Twitter” must be articulated clearly”.
As CEO of two companies simultaneously, Dorsey can draw more parallels to Apple co-founder Steve Jobs – a comparison that Dorsey has never discouraged. “There’s more cohesion and collaboration across the team now”.
Advertisement
Twitter’s workforce also feels this way, according to Bain. Costolo, who kept a position on Twitter’s board, cut that tie as well today. “What we stand for gives us objective, and that goal dictates our job ahead”.
