Twitter Names Jack Dorsey Permanent CEO

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The 38-year-old co-founder of the company, who has served as interim CEO since July, will drop his chairman role.

Twitter on Monday made it official, confirming that it has named company co-founder Jack Dorsey its permanent CEO and said he will drop his chairman title.

Dorsey, 38, has served as interim CEO since July, when Dick Costolo said he would step down, and as chairman since Oct. 2008.

"On September 30, 2015, the board of directors of Twitter Inc. appointed Jack Dorsey, co-founder and interim chief executive officer, as chief executive officer," the micro-blogging site operator said in a regulatory filing Monday. "Mr. Dorsey will continue to serve as a member of the board, but will no longer act as chairman. Mr. Dorsey will also continue to serve as chief executive officer of Square Inc., the payments and financial services company he co-founded in 2009."

Dorsey served as Twitter’s president and CEO from May 2007 to Oct. 2008. Since Feb. 2009, he has served as co-founder and CEO of Square. He also currently serves on the board of The Walt Disney Company.

"There are currently no plans to provide Mr. Dorsey with direct compensation for his role as chief executive officer," Twitter said. "There are no arrangements or understandings between Mr. Dorsey and any other persons pursuant to which he was selected as chief executive officer."

The board has also appointed Adam Bain, 42, as COO. He has been serving as Twitter’s president, global revenue & partnerships since Sept. 2010. He previously had several roles at News Corp.

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