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Jack Dorsey took to Twitter to announce he will serve permanently as the CEO of Twitter and Square.
Twitter has been without a permanent leader since former CEO Dick Costolo stepped down in July.
As interim CEO Dorsey has pushed for major changes at Twitter, such as rethinking the service's 140-character limit. Under his watch, the company has also tested a "News" tab and widely rolled out a "Buy" button.
Dorsey also announced that Twitter's revenue head Adam Bain will take over as chief operating officer. Bain posted on Twitter that Dorsey "has the insight as well as the moral authority as a founder to push teams to make big, bold changes to Twitter."
The company also said that Dick Costolo, the former chief executive, would leave Twitter's board of directors. Dorsey, Twitter said in a filing, will not take any compensation for his role as executive officer. Dorsey is one of the company's largest individual shareholders, owning just under 22 million shares. Dorsey has also stepped down from his role as chairman and the company will seek an outsider from its current board to serve in that role.
In pre-market trading, the company's stock jumped up over 2.5% to $27. The company first sold shares to public at $26 and the price rose to $44.90 on its first day of trading in November, 2013.
LINK: At Jack Dorsey’s Twitter, Everything Is On The Table
LINK: Twitter Is Rethinking Its 140-Character Limit
LINK: Twitter Experiments With A ‘News’ Tab
SOURCE: BuzzFeed
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