Twitter announces co-founder as CEO for second time

Twitter founder, Jack Dorsey, has announced that he is re-taking the reins of the social network that he helped build.

Dorsey had been interim CEO since previous CEO Dick Costolo stepped down back in June. Twitter initiated a search committee after Costolo’s departure that included former Twitter CEO, Evan Williams, to find a new boss.

In addition to being CEO of Twitter, Dorsey will also remain as CEO of Square, the mobile payments firm he founded when he left Twitter the first time.

This will be Dorsey’s second term as CEO of the microblogging site after his first term ended abruptly with him being replaced by Evan Williams.

Dorsey will have his work cut out for him as the company struggles to grow its active user base. During the company’s last quarterly results, Dorsey stated that the company needed to do a better job explaining what Twitter actually does.

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Twitter has been experimenting with ways to keep new users engaged, experimenting with surfacing trending news items and buy buttons.

As he explains in his 140-character statement, Dorsey will be CEO of both Twitter and Square, with Adam Bain, Twitter’s current head of revenue and partnerships becoming the social site’s COO.

In addition to all of that, former CEO Dick Costolo, has resigned from the Twitter board and is no longer with the company.

Twitter stock gained over five percent today when Re/code broke the story that Twitter would be announcing Dorsey as its permanent CEO before the official announcement.