The 38 year-old is now also CEO of mobile payments company Square, a position that he will not vacate. Twitter finally made it official Monday morning. Bain, 42, was Twitter’s president of global revenue and partnerships division from September 2010 till date.
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The stock price of Twitter climbed more than 5% to $27.65 per share at the time of this writing, around 11:45 AM in New York. The board even released a statement over the summer which said CEO candidates must commit full-time to the role.
While the news has mostly been received positively by investors, there are a few concerns over his continued role at Square. One of the biggest changes, so far, is the emojis used on direct messages. Plenty of people who have worked closely with Dorsey think he’s up for the challenge of doing both.
As Quartz noted, over the years Dorsey has changed his leadership style to focus more on high-level decisions, rather than micromanagement. Dorsey announced the appointment on his Twitter handle. He eventually returned to the company as executive chairman.
Still, Dorsey had remained on the Twitter board and holds slightly more than three percent of Twitter’s shares. He already was the interim CEO replacing Dick Costelo since July.
He’s got the senior staff working better than ever. “There’s more cohesion and collaboration across the team now. Ultimately, it has to be for the board of each company but I honestly cannot see how they can make it work unless they are planning to merge the two”. According to CNN Money, investors in the major social network have been demanding that the company’s board finally appoint Dorsey permanently in the position, indicating that he has their full support. He’s also led the team for a product re-envisioning and product roadmap for 2016. On Monday, Twitter said Costolo is now giving up his board seat as well.
In another tweet he said both companies have strong businesses and are well positioned to grow their impact in the world. And we stand for empowering dialogue.
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Twitter hasn’t lived up to the growth investors expected after its November 2013 initial public offering.
