Twitter Inc (NYSE:TWTR) announced today that the company has named co-founder Jack Dorsey as a permanent CEO. Twitter is struggling to compete in today’s social media world, and more specifically to monetize its platform more effectively. The stock of the company is currently trading 50% away from its 52 week high. In response to the announcement, shares of Twitter jumped 2.5% in pre-market trading.
Twitter’s board of directors revealed the decision in a SEC filing on Monday. Jack Dorsey is also the CEO of an online payment service called Square, and he will maintain his all with this company. As for being the CEO of Twitter, it seems Dorsey will not receive any compensation for his new responsibilities as chief executive officer. It seems that the board of Twitter is not worried in Dorsey’s capabilities to handle both positions.
The company has appointed a new chief operating officer, Adam Bain, who previously worked as Twitter head of revenue and partnerships. Adam Bain responded to his new position with Twitter with, you guessed it, a tweet:
Bain also claims that the reappointment of Jack Dorsey as CEO is received very positively by the company’s employees.