Jack Dorsey, current founder and CEO of the payment company Square and founder of Twitter (News - Alert), is expected to retake the helm as Twitter’s CEO without resigning as the head of Square. This news comes after a roiling three-month search for Twitter’s head executive, during which Dorsey acted as an interim CEO.
Reappointing Dorsey would be a complicated resolution to Twitter’s confusing and frustrating job hunt. The company has frustrated investors since its IPO with stagnated growth, an all-time low stock price in August, and this current embroiled CEO search.
After Dorsey left for the first time, Twitter gained only 28 million users from January to June, while Instagram gained 100 million users since December and has finally built a bigger user base than Twitter.
Stuck in the mire of that underachievement, Dick Costolo (News - Alert) – the then-CEO of Twitter – resigned, and the microblogging site tapped their founder Dorsey as a temporary replacement.
Dorsey, who retained his position as CEO of Square, treated this interim appointment as a kind of trial run. He campaigned for a permanent placement as Twitter CEO and received vocal backing from prominent Twitter investors.
Twitter’s CEO search board responded to Dorsey’s bid with an ultimatum: they wanted their CEO to make a “full time commitment” to the company. Choose, they said, between your brainchildren, and devote fully to either Twitter or Square.
Now, with a new quarter looming and Dorsey settling in, Twitter seems strong-armed into reaccepting Dorsey. The move makes sense. Given Dorsey’s status as Twitter’s founder (and all-around Silicon Valley darling) investors trust his leadership. That renewed faith may account for Twitter’s 3 percent stock price increase since his interim appointment.
If Dorsey signs on to dual-wield Twitter and Square, he’ll have to right the lilting Twitter while also overseeing Square’s upcoming IPO. The jobs would pose a challenge to any one CEO, let alone one with two full-time positions.
Some sources still haven’t ruled out Twitter’s Revenue Chief Adam Bain as a potential CEO, though others have speculated that he’ll be rewarded with a COO position if Dorsey gets appointed.
Twitter is expected to announce the new CEO today.
Check back with TechZone360 for the latest developments.