Twitter Is Expected To Make Dorsey A Permanent CEO
It seems Twitter, Inc. can tell its Search Committee to stop scouting for a new chief executive officer since the one they currently have is doing just fine.
According to a recent report from re / code, sources have said that Dorsey may be named Twitter’s permanent CEO as early as the first day of October. However, that time frame may actually change. Moreover, it’s possible that Dorsey will be able continue with the job while also still serving as the CEO of Square, a payments company which he himself founded.
Dorsey has apparently been on the Search Committee’s mind as a potential permanent CEO candidate. However, the committee also previously stated that being the CEO of Twitter is a full time job.
Hence, if Dorsey were to take the job permanently, he would have to choose between Twitter or the company he founded. But it seems later on, Dorsey had managed to win over management enough that they may be willing to let him run two companies at the same time.
Moreover, another candidate reportedly being considered for the permanent CEO position was Twitter’s head of revenue Adam Bain. Sources, however, have said that Bain had refused to take on the higher role so long as Dorsey still wanted the post.
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Back in June, Twitter had announced that its former CEO, Dick Costolo, would be stepping down, effective the following month. Around the same time, Twitter’s Board also formed a Search Committee to look for Costolo’s replacement. The said committee is headed by Twitter Board’s Lead Independent Director Peter Currie along with Peter Fenton and Evan Williams. At the same time, the Search Committee also retained the services of an executive search firm to help them consider internal and external candidates.
Currently, Twitter’s stock (TWTR) is up by 5.28% or $1.35 to $26.94.