Twitter may be about to end its three-month hunt for a new CEO by asking current interim chief executive officer and company co-founder, Jack Dorsey, to take on the position permanently, according to Re/Code.
Dorsey was appointed interim CEO after Dick Costolo stepped down after six years in the position at the start of July. And while there has been at least one member of Twitter’s board who has questioned Dorsey’s ability to split his duties as head of two companies (he’s also the CEO of Square, the mobile payments company he co-founded), he was always seen as the favorite candidate for the position.
Being a Twitter co-founder, many of the company's employees trust Dorsey’s vision and don’t question his decisions when it comes to implementing radical changes to the site, such as increasing the sacred 140-character limit.
Re/Code’s sources say that it’s still not clear if the board has officially voted on Dorsey’s appointment and it still has a ‘Plan B’ outside candidate, should things change. Part of the delay in confirming Dorsey apparently stems from the board reorganizing other key executives; revenue chief Adam Bain, who was also a CEO candidate, is expected to become COO, and CFO Anthony Noto may end up reporting direct to Dorsey. The appointment of a new head of Twitter will also see former CEO Costolo stepping down from the board.
Should Dorsey get the permanent position, one of his first jobs will be to turn around Twitter’s recent fortunes. The company’s shares have fallen 50 percent since April, although they have rallied 5 percent following reports of Dorsey’s potential appointment. The microblogging site has been looking at various ways to attract new users over the last year, including the aforementioned 140-character tweet limit removal and focusing more on news items.