Jack’s Back: Jack Dorsey Returns as Twitter CEO; Adam Bain Named COO

By Justin Lafferty Comment

Squawk on the Street

As many speculated, Jack Dorsey is back as Twitter’s CEO. Dorsey, has been the interim CEO of Twitter since July, after Dick Costolo stepped down. Twitter made the announcement early Monday morning.

Dorsey will (for now, at least) keep his responsibilities as CEO of Square, while taking the helm at Twitter. Dorsey is one of the co-founders of Twitter.

Dorsey elaborated in a conference call with investors:

My commitment to Twitter runs incredibly deep. No one is more determined than I am to see this company achieve its promise. Twitter has changed everything. We’ve forever altered communication and media by building a service that is simple, that is live and conversational. … My ability to manage both Twitter and Square is made possible by the great teams at both companies. Having been in this position of running both companies for the last three months, I can say from daily experiences that both have world class leaders dedicated to each company’s mission.

Twitter also announced that Adam Bain, the company’s president of global revenue and partnerships, has been named COO.

Costolo resigned from Twitter’s board of directors on Sept. 30.

Peter Currie, head of Twitter’s CEO search committee, said in the conference call why Dorsey was chosen:

Our goal for this selection was simple but ambitious: find a CEO who can help take Twitter to the next level, so we can achieve what we see as a massive opportunity to grow the company. … Jack is, without a doubt, one of the most successful entrepreneurs and technologists today. Between Twitter and Square, Jack has built two great companies from the ground up.

Readers: What do you think of this announcement?

Image courtesy of Getty Images.

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