The long-time coming news that Twitter founder Jack Dorsey will officially be named Twitter’s permanent CEO will happen as early as tomorrow (Oct. 1), Re/code reported, citing anonymous sources.
But, like the rumors that have swirled for months, that news might be pushed back, sources also said. The report indicated that Dorsey will continue being the CEO of Square. Other news that could come out of Twitter’s board could be changes to its board, which may potentially include the departure of Dick Costolo, Twitter’s former CEO, which has also been anticipated.
The hashtag #JackIsBack started trending on Twitter in June once it was announced that Dorsey would be taking over as interim CEO — following the departure of Costolo. And in those three months since the search started, its value had dipped as its stock slumped 22 percent, and other executives left.
The tension has been rising among investors who are growing increasingly impatient in the wait to hear about the company’s CEO plans, which is justified, according to Colin Sebastian, an analyst at Robert W. Baird & Co.
Previously, there were concerns about Dorsey being too overloaded to properly manage the two tech giants and handle the work, but it seems the minds of some Twitter investors and Square investors have taken on a more optimistic view.
“After watching Jack execute on his vision at Square, and more recently at Twitter as CEO, we are highly confident in Jack’s ability to serve as CEO of both companies,” Justin Dini, a spokesman for Rizvi Traverse Management, told NYT.
The firm not only believes Dorsey is the right person for the job, but they will also continue investing in Twitter because of its support for Adam Bain, Twitter’s president of global revenue, Dini said.
Rizvi Traverse’s support joins a growing and vocal group of investors calling for Dorsey to take on a permanent role at Twitter, NYT confirmed. According to Keith Rabois, a venture capitalist at Khosla Ventures, there is no doubt that Dorsey can manage running both Twitter and Square at the same time. Considering Khosla Ventures holds a significant share of Square, the endorsement says a lot.
While it wouldn’t be unprecedented for Dorsey to take over as CEO since he filled the role from May 2007 to October 2008, he has remained quiet about what his next move is.
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