Twitter cofounder Jack Dorsey reportedly to be named permanent chief executive
Is Jack back for good?
That’s the word trickling out of Twitter, with one news report saying cofounder Jack Dorsey -- currently interim chief executive of the microblogging company -- will be named permanent chief executive as early as Thursday. Dorsey was Twitter’s first-ever chief executive and stepped down in 2008.
The naming of Dorsey to permanently lead San Francisco-based Twitter would end a prolonged search for a replacement for Dick Costolo, who announced his resignation in June after several quarters of sluggish growth and disappointing stock performance.
According to Re/Code, which cited unnamed sources, Dorsey, 38, will do double duty -- he has been vocal about keeping his other job, as chief executive of mobile payments company Square.
In recent weeks, Dorsey clearly emerged as the front-runner to take the job.
“The public support from prominent shareholders of BOTH companies is clearly a boost of confidence in Mr. Dorsey for permanent CEO of Twitter,” SunTrust Robinson Humphrey analyst Robert Peck wrote in a note to investors Monday.
In his three months as interim chief executive, Dorsey has been publicly critical of the company. In a July earnings call, he slammed the company’s lack of focus, unintuitive service and difficulties communicating the value of using Twitter. He also said recent product initiatives had yet to produce “meaningful impact” on growth and engagement, which “is unacceptable and we’re not happy about it.”
A Twitter spokesman did not immediately return a request for comment.