Twitter reinstates Jack Dorsey as CEO

MUMBAI, INDIA: It’s official.  Jack Dorsey is Twitter’s permanent CEO. He will also hold the reins at mobile payments company Square.

“The move comes at a time when Twitter is working to rekindle user growth. Twitter’s second-quarter monthly average users grew at the slowest pace since the company went public in 2013. Dorsey has served as interim CEO of the micro blogging service since former CEO Dick Costolo stepped down on July 1,” according to Reuters.

Reuters further said that Twitter had previously said the CEO job would be a full-time position, which seemed to exclude Dorsey if he continued to run Square.

He will step down as chairman from the company, but will continue as CEO of Square, a company he co-founded in 2009.

The hiring ends Twitter’s three-month search for a new leader. It also marks Dorsey’s second stint as CEO since he helped start the company more than nine years ago.

According to a report by The Next Web, in the documents filed with the SEC, the company says that Dorsey won’t receive any direct compensation as Twitter CEO. This may be due to the reason that Dorsey isn’t only the founder, but one of the largest stockholders in the company as well.

It must be noted that Twitter’s last CEO, Dick Costolo announced his decision to step down in June, under mounting concerns about the company’s slow user growth and seeming inability to attract advertisers at the same rate as competitors.