After serving as an interim CEO of Twitter for three months since Dick Costolo stepped down in June, co-founder Jack Dorsey has now been confirmed as permanent CEO. This means that he will be managing both the companies. i.e, Square and Twitter which he has been doing for these three months.
According to the announcement, Dick Costolo has stepped down as a board member and Adam Bain, the revenue chief will now hold the position of Chief Operating Officer (COO).
The decision may come as a slight surprise to some as there had been rumors going on for a while that Dorsey won’t be holding the position for long and Twitter was looking for a new CEO for which Adam Bain was a strong contender for the CEO position but he had made it clear that he would take the role only if Dorsey would step down himself. However investors and board members reportedly were more inclined to have Dorsey as their main man due to his experience and familiarity with Twitter since the beginning.
On questions of the hectic schedule of running both the disruptive companies, Dorsey said,
Both companies [Twitter and Square] have strong businesses and are well positioned to grow their impact in the world,”
I will do whatever it takes to ensure that.
And Twitter has indeed been making rapid changes over the last few months and has grown its advertising business in three months with revenue advertising revenue rising to 63% from the same period a year earlier to $452 million. Evidently the dwindling market price of Twitter also showed positive spike since the announcement.
Now since Dorsey has become the permanent CEO, it would be interesting to see how things turn out for Twitter which has been struggling to increase its user base and appeal to people all over the world.