Dorsey Returns To Twitter As Executive Chairman
Twitter co-founder Jack Dorsey announced Monday that he would be returning to the popular microblogging service as the company’s executive chairman and would be heading up its product development team.
Along with Biz Stone and Evan Williams, Dorsey was one of the trio of Twitter co-founders. He served as CEO from its startup until 2008, when Williams took over.
“Today I’m thrilled to get back to work at @Twitter leading product as Executive Chairman,” Dorsey said in a message on his Twitter feed @jack.
Twitter’s current CEO Dick Costolo said in another tweet that he was “excited that Twitter Chairman @jack will be returning to the company day-to-day leading product as Executive Chairman.”
Dorsey said he would remain CEO of Square, a company he launched in 2010 that accepts credit card payments on mobile devices.
Dorsey would return to Twitter “in an everyday role to lead our product development,” the company said.
The move comes six months after Williams was replaced by Costolo as chief executive. Williams remains with the company focusing his attention on product strategy.
Matt Graves, a spokesman for Twitter, told Reuters in an email Monday that Williams “decided a couple of months ago to be less involved day to day at Twitter.”
Williams currently serves as a "key advisor" to the company, said Graves. “He continues to have a close relationship with the company providing strategic advice and, of course, he remains an active board member.”
Twitter is one of the Internet’s most popular social networks, along with Facebook. It has become a popular communications tool for everyone from celebrities to politicians, and has played a role in several geopolitical events, such as the recent issues plaguing the Middle East.
Twitter was valued at $3.7 billion in December 2010. But, in an auction of Twitter shares on the secondary market earlier this month, investors suggested the company is worth $7.7 billion.
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