Twitter likely to name Dorsey permanent CEO: Re/code

Twitter likely to name Dorsey permanent CEO: Re/code

(Reuters) – Twitter Inc <TWTR.N> co-founder Jack Dorsey, who has been acting chief executive of the company for the past three months, is expected to be named permanent CEO as early as Thursday, technology news website Re/code reported, citing sources.

Snagging the top job at Twitter would be a triumphant return to the helm of the microblogging service that Dorsey helped invent yet from which he was previously fired as CEO in 2008.

News reports have said that Dorsey, who at times has expressed interest in careers from fashion designer to New York City mayor, struggled to manage frequent outages during a period of exploding growth at the service.

p>Wall Street investors reacted positively, briefly sending Twitter's shares up as much as 6.8 percent. They settled back to a daily gain of 2.6 percent at mid-afternoon.

Twitter declined to comment on the report.

Dorsey will "apparently" continue to be CEO of mobile payments company Square, Re/code reported, a potential concern for investors. (http://on.recode.net/1WyyUw4)

"Dorsey is the right man for the job, given his product background & founder status. The only question is, is this the right time for a dual CEO role?" said James Cakmak, an analyst at Monness, Crespi, Hardt & Co. "It's not the ideal situation, yet it's a better scenario than no CEO."

Twitter's board is moreover likely to be shaken up, with previous CEO Dick Costolo leaving, Re/code reported.

Costolo stepped down as CEO in June, under mounting concerns approximately the company's slow user growth & seeming inability to attract advertisers at the same rate as competitors.

Dorsey, who took over as interim CEO on July 1, has not dismissed the idea of becoming permanent CEO of Twitter while staying at Square, yet Twitter's board has said its next CEO needed to be focused solely on that company.

Other potential candidates mentioned for the top job at Twitter include Adam Bain, the company's president & head of revenue; Instagram founder Kevin Systrom; & Evan Williams, another co-founder of Twitter who was once its CEO & heads blogging website Medium.

(Reporting by Devika Krishna Kumar & Anya George Tharakan in Bengaluru, Noel Randewich in San Francisco; Writing by Bill Rigby; Editing by Savio D'Souza & Richard Chang)

Investment & Company InformationFinanceJack DorseyTwitter

Source: “Reuters”

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