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Twitter to name Jack Dorsey as permanent CEO, says report

Technology new website Re/code reported that Twitter Inc. co-founder and interim chief executive Jack Dorsey is likely to be named as permanent CEO as soon as Thursday. Dorsey would also keep his job as the head of online payment service, Square.jack-dorsey-twitter-ceo

However, questions remain if Dorsey could manage both the companies at the same time, and if it could create a conflict of interest. The report was welcomed by investors, and Twitter’s stock rose by 6.8 percent, closing 5.3 percent higher at $26.94 on the New York Stock Exchange. Twitter came alive in support of Dorsey, but board members or executives are yet to confirm the rumors.

“Jack Dorsey would be the right guy (for the job) if he were not running Square,” said Shebly Seyrafi, FBN Securities analyst.

Some investors mentioned that Dorsey was a better CEO than in 2008, when he was fired from his stint as Twitter CEO. According to reports, Dorsey was giving more attention to other projects, and he struggled to mange the company during its exploding growth. Though Dorsey has not dismissed the idea of re-entering the company as CEO, Twitter’s board said that he must focus solely on the company.

Since June, Dorsey has led the company on an interim basis, after former CEO Dick Costolo resigned. Dorsey has supervised Twitter’s expansion of direct messaging feature, partnership with Buy Now, for buying and selling products on Twitter with a tweet.

He has been the front-runner for the position, despite the search committee’s efforts to find someone who could make a “full-time commitment” to the company.¬†Other potential candidates include Adam Bain, the company’s president and head of revenue; Evan Williams, co-founder of Twitter who was once its CEO and heads blogging site Medium; and Instagram founder Kevin Systrom.

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About Anirudh Madhav

A movie buff, a bookworm, and a compulsive doodler. He is pursuing post graduation in New media Journalism at Asian College of Journalism. Former author at TheNextDigit.com.

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