Date
20 January 2017
Jack Dorsey has been running Twitter as interim CEO to much acclaim since his predecessor stepped down on July 1. Photo: Reuters
Jack Dorsey has been running Twitter as interim CEO to much acclaim since his predecessor stepped down on July 1. Photo: Reuters

Twitter appoints Jack Dorsey CEO, seeks new chairman

Twitter Inc. named Jack Dorsey as its permanent chief executive but said it would look elsewhere for a chairman, Reuters reported.

Twitter’s shares rose as much as 6 percent on Monday after the announcement, which ended months of speculation about who would take the top job at the microblogging service.

Dorsey has been running Twitter as interim CEO to much acclaim since his predecessor, Dick Costolo, stepped down on July 1.

“To further simplify the demands on his time as well as to make sure we bring a fresh voice and new leadership to the board, the board has decided to separate the chair and CEO roles,” Peter Currie, Twitter’s lead independent director, said on a call.

Twitter is working to rekindle growth after its latest quarterly results revealed the slowest rise in monthly average users since the company went public in 2013 — a performance that Dorsey at the time called “unacceptable”.

Some investors had expressed concerns about whether Dorsey could run both Twitter and mobile payments company Square, both of which he co-founded.

Square is expected to go public this year and Dorsey may have to devote substantial time courting investors for the initial public offering.

But others say Dorsey, 38, is a more effective leader now than in 2008, when he was fired from his first stint as Twitter CEO.

Investors and analysts have lauded faster product rollouts since Dorsey took the helm in July, including a widely available “buy now” button that allows users to make purchases directly through Twitter.

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