Following months of deliberation, Twitter has announced it will return back to its roots, handing the reins back to co-founder Jack Dorsey.
On Monday, the social media company confirmed Dorsey as Chief Executive Officer. He will also continue to serve as a member of the Board of Directors, but will no longer act as chairman. In addition, he will continue to serve as Chief Executive Officer of Square, Inc., the payments and financial services company he co-founded in 2009.
Initially, the board would not accept Dorsey as a serious contender for the position as he is also the CEO of Square, Inc. The board was only interested in hiring someone who will solely focus on the online social networking service and would not consider Dorsey unless he quit his day job. In a statement made in June the company said Twitter’s board will only consider candidates “who are in a position to make a full-time commitment to Twitter.” However, the eight-member board has decided to reverse its original position.
The company held a conference call on Monday, at 5:30 a.m. Pacific Time (8:30 a.m. Eastern Time) to discuss the announcement.
In addition, it was also disclosed the board appointed Adam Bain as Chief Operating Officer. Bain, who is 42-years-old, served as Twitter’s President, Global Revenue & Partnerships from September 2010 to October 2015. Prior to Twitter, Bain held a number of roles. From September 1999 to September 2010, Bain held a number of positions at News Corporation, including Executive Vice President of Products & Technology and as President of its advertising arm, Fox Audience Network, Inc. He holds a B.A. in English Journalism from Miami University.
Earlier this year, Dick Costolo stepped down from his position as CEO of Twitter.
“I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years,” Costolo said in a statement announcing the resignation.
Photo courtsey of Square, Inc.
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