Three months after he stepped in as Twitter’s interim CEO after Dick Costolo stepped down, Jack Dorsey has been named Twitter’s permanent CEO, according to a Securities and Exchange Commission (SEC) filing.
Dorsey, who is currently also the CEO of mobile payments company Square, will do both jobs at once. The SEC filing also revels that “there are no plans to provide Mr. Dorsey with direct compensation” for his role as Twitter’s chief executive.
Twitter’s former president of global revenue, Adam Bain, is being promoted to COO, while Costolo is stepping down from Twitter’s board.
We are naming @adambain COO of Twitter, we're working to change the composition of our Board, and I will serve as CEO of Twitter and Square!— Jack (@jack) October 5, 2015
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
This is Dorsey’s second stint has Twitter’s CEO. His first run was in 2008, which, going by author Nick Bilton’s Hatching Twitter, was a disaster, with Dorsey making basic mathematical errors while keeping track of Twitter’s expenses and in general being a difficult person to work with.
Technology news website Recode was the first to report that Dorsey had been named Twitter’s permanent CEO, although the company did have another candidates, including former Cisco CTO, India-born Padmasree Warrior, in the race.
Dorsey’s return is at a crucial time for the company. Analysts are questioning whether Twitter, with its 300 million users, will ever be a mainstream product. Rivals such as Facebook and Instagram have 1.5 billion and 400 million users respectively. Influential investors have argued in the past that Dorsey, who was the co-founder of Twitter, is one of the few people who has a thorough understanding of the service and a vision for its future.