Twitter has finally announced it’s full time CEO. Surprise! It’s Jack Dorsey.
Dorsey, who is one of Twitter’s co-founders returned to the company as interim chief after Dick Costolo stepped down from the role in June.
The move comes after months of rumors that Dorsey would stay on as CEO of both Twitter and Square.
To announce the position, Dorsey tweetstormed about the news saying that “what Twitter stands for gives us purpose, and that purpose dictates our job ahead.”
I've been CEO of both companies for over 3 months now. I have the smartest, strongest, and most determined leaders in the world on my teams.
— jack (@jack) October 5, 2015
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Costolo congratulated Dorsey on the new role via a tweet as soon as it was announced today and stepped down from the board immediately.
In the documents filed with the SEC today 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.
That may be due to the fact that Dorsey is not only a Twitter founder, but also one of the largest stockholders in the company.
Funnily enough, back in June, Twitter’s search committee for a new CEO said that the company will only consider “candidates for recommendation to the full Board who are in a position to make a full-time commitment to Twitter.”
It seems like that simply didn’t matter anymore, as Dorsey was the right man for the job.
Twitter is the most powerful communications tool of our time. It shows everything the world is saying rn…10-15 minutes before anything else.
— jack (@jack) October 5, 2015
This is Dorsey’s second run at being CEO. The company started out with him in charge, but he was later removed in 2008 as the company looked to grow.
As part of today’s reshuffle, Adam Bain, who was previously the company’s President of Global Revenue & Partnerships has been promoted to Chief Operating Officer.
It’s reported that as Dorsey is now officially in charge the company is mulling major changes to fundamental features, like the 140-character limit. In the near future we’re likely to start seeing drastic changes as Dorsey makes his mark.
On Twitter’s announcement call today, the company said that “Project Lightning” which is slated to allow users to follow events rather than people will launch “soon.”
Featured Image Credit: JD Lasica / Flickr
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