As one of the founders of Twitter, Dorsey was credited with the idea to share status updates using 140 characters or less.
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On management part, Dorsey will now be leading Twitter’s operations and a new board is also in progress.
The board also announced that Adam Bain, formerly the company’s president of global revenue and partnerships, will serve as COO.
Dorsey, who won’t receive direct compensation in his new role, will give up the chairman role he has held at Twitter since 2008. “And we stand for empowering dialogue”, Dorsey wrote on his Twitter account. Twitter has named Jack Dorsey their permanent CEO, and it will take all of the board’s support to keep him there. By the time Wall Street’s and Main Street’s rumor mills got done processing the premise, shareholders of Twitter stock had little reason to believe Jack Dorsey’s hiring wasn’t a done deal.
In other Twitter news, the San Francisco Business Times reports the company has cancelled plans to add ~100K sq. feet of office space at a building close to its headquarters, possibly due to a hiring slowdown. “I have the smartest, strongest, and most determined leaders in the world on my teams”, he says.
It comes as the company, which he co-founded over nine years ago with Evan Williams, Biz Stone and Noah Glass, tries to expand its audience and end almost a decade of financial losses.
“We assumed we would only consider a candidate who could make an undivided commitment to be our CEO”, Currie said. Alongside this position at Twitter, Mr. Dorsey will also continue to head the mobile payments firm, Square Inc.
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“No one knows the product better than Jack”, said SunTrust Robinson Humphrey analyst Robert Peck, citing faster product rollouts since Dorsey took over the top post on an interim basis on July 1. Still, it indicates that the board failed to find a CEO that could be fully dedicated to addressing Twitter’s issues. 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. “The intention is to certainly bring it to everyone around the world”, Dorsey said this summer.
