Twitter Inc. (NYSE: TWTR) made waves in the market Monday morning when it officially announced a permanent chief executive. Jack Dorsey, after acting as the interim CEO for the past quarter, has taken the helm in a full-time role, while still performing his duties as CEO for Square.
Dorsey was one of Twitter’s co-founders and has acted as chairman of the board since October 2008. He was a member of the board since May 2007. He served as Twitter’s president and CEO from May 2007 to October 2008 as well.
Separately, since February 2009, Dorsey has served as co-founder and CEO of Square. He also currently serves on the boards of directors of Walt Disney Co. (NYSE: DIS) and Square.
Dorsey was selected to serve on the board because of the perspective and experience he brings as one of Twitter’s founders and as one of Twitter’s largest stockholders, as well as his extensive experience with technology companies.
In an SEC filing Twitter said:
There are currently no plans to provide Mr. Dorsey with direct compensation for his role as Chief Executive Officer. There are no arrangements or understandings between Mr. Dorsey and any other persons pursuant to which he was selected as Chief Executive Officer. There are also no family relationships between Mr. Dorsey and any director or executive officer of Twitter and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Twitter did not stop here. There were other changes for this social media company’s executives. Adam Bain was appointed as chief operating officer, after previously serving as Twitter’s president of Global Revenue & Partnerships from September 2010 to October 2015. Also Richard Costolo has resigned from the board.
Shares of Twitter jumped about 3% to $27.13 just after Monday’s opening bell. It has a 52-week trading range of $21.01 to $55.99 and a consensus analyst price target of $38.83.
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