Twitter’s (NYSE:TWTR) two month search for a permanent Chief Executive Officer (CEO) looks to come to an end, with Jack Dorsey slated to once again claim the role after filling the void of its interim role over the few couple months.
Back in June, Twitter’s (NYSE:TWTR) CEO Dick Costolo parted ways with the social media outlet, leading to the appointment of former Twitter executive, Mr. Dorsey as its interim CEO.
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Mr. Costolo’s decision to step down was met with widespread support from Twitter’s (NYSE:TWTR) shareholders, which soared double digits following the announcement. As recently as April, the stock traded above the $50 handle – the subsequent plunge in share prices helped instigate an eventual move in management. Following the news of Mr. Dorsey’s reappointment, shares settled at $26.93 during after hours trading, helping reverse a multi-month decline and 52-week low at $21.01.
Mr. Dorsey had relinquished the CEO role himself back in 2008, having since moved on to other ventures. Currently, he is also the acting CEO of mobile payment service Square, a position he has repeatedly made known that he intends to keep as he gears up for a public offering.
Back in June, Mr. Dorsey was ambivalent towards the prospect of retaking his former CEO role, stating to Bloomberg, “It’s really up to the search committee and they’re going to look at internal and external candidates.”