Twitter taps co-founder Jack Dorsey to become permanent CEO

The social networking website Twitter has chosen co-founder and interim chief executive Jack Dorsey to become its permanent CEO.

A statement from Twitter, Inc. said the board of directors had decided to appoint Dorsey as the company's permanent chief executive. Dorsey will also continue to service as chief executive of the fast-growing mobile payments company Square, which Dorsey co-founded in 2009. He will also continue to serve as a member of Twitter's board of directors, but will no longer act as chairman.

"I have the smartest, strongest, and most determined leaders in the world on my teams," Dorsey said on his Twitter account after Monday's announcement. "My focus is to build teams that move fast, and learn faster. In the past 3 months we have increased our speed and urgency at both companies."

Dorsey added: "Twitter stands for freedom of expression. We stand for speaking truth to power. And we stand for empowering dialogue. Twitter is the most powerful communications tool of our time. It shows everything the world is saying [right now], 10-15 minutes before anything else. ... 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."

Dorsey, who is 38, took over as interim CEO on July 1 after Dick Costolo decided to step down from the company's top position. The return of Dorsey as chief executive of Twitter, Inc. was initially meant to be temporary while the board of directors searched for a permanent replacement. Dorsey will receive no direct compensation for his role as Twitter's chief executive, according to a filing with the U.S. Securities and Exchange Commission.

As part of Monday's announcement, Twitter, Inc. said its board of directors had also decided to appoint Adam Bain as the company's chief operating officer. Bain, who is 42, had served as Twitter's President of Global Revenue & Partnerships since September 2010.

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