SAN FRANCISCO (AP) — Twitter is embracing Jack Dorsey as its CEO in hopes that its once-spurned co-founder can hatch a plan to expand the short messaging service’s audience and end nearly a decade of financial losses.
The hiring revealed Monday ends Twitter’s three-month search for a new leader. It marks Dorsey’s second stint as CEO since he helped start the San Francisco company more than nine years ago.
Twitter dumped Dorsey his first time around, but its board of directors now appears convinced he has the maturity to fix the problems that has caused the company’s stock to lose nearly half its value in the past five months.
Dorsey will step down as chairman from the company, but he will continue as CEO of Square Inc., a company he co-founded in 2009.
We are naming @adambain COO of Twitter, we're working to change the composition of our Board, and I will serve as CEO of Twitter and Square!
— Jack (@jack) October 5, 2015