Surprise: Jack Dorsey Named Permanent Twitter CEO

• It seems like Jack Dorsey will finally be appointed as Twitter Inc TWTR’s permanent CEO as early as Thursday, a re/code article informs.
• After the public support Jack Dorsey received over the past few days, his appointment came as no surprise to many investors.
• The stock seems to be reacting positively to the news/rumor, as it is up more than 2 percent on Wednesday trading.

Sources familiar with the issue have recently said that Twitter’s co-founder Jack Dorsey, who has been serving the company as interim CEO for the past three months, will be named the new permanent Chief Executive as early as Thursday, although dates might change.

Related Link: Bob Peck: We Still Like Twitter Stock If Jack Dorsey Becomes CEO

Sources also assured that Dorsey will continue to hold the CEO position at Square (a payments company he founded) as well.

Moreover, the informants said, Twitter’s Board of Directors will probably see some changes, including the departure of the company’s former CEO Dick Costolo, who currently serves as a Director.

Twitter has been struggling for a while, especially in the product innovation front. So, many investors who conceive Dorsey as a visionary and forward-thinker are likely psyched with his appointment.

While Twitter declined to comment on these rumors, re/code analysts Kara Swisher and Kurt Wagner state, “it’s likely that Dorsey’s return will mean the departure of others from Twitter’s upper ranks. Longtime head of communications Gabriel Stricker has already been ousted. Costolo was well-liked internally, but criticized for failing to articulate Twitter’s longterm mission. Dorsey is very much the opposite, and those who have worked with him say he can be ruthless if you disagree with his vision.”

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.