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Jack Dorsey to be named permanent Twitter CEO, report

September 30, 2015, 6:03 PM UTC
Vanity Fair New Establishment Summit - Day 2
Twitter Co-Founder and Chairman and Square CEO Jack Dorsey speaks onstage during "From 7 Dwarves to 140 Characters" at the Vanity Fair New Establishment Summit at Yerba Buena Center for the Arts on October 9, 2014 in San Francisco, California.
Photograph by Kimberly White — Getty Images for Vanity Fair

Twitter (TWTR) co-founder and current interim CEO Jack Dorsey is expected to be named as permanent chief executive, according to a report from Re/code, citing anonymous sources. The announcement could come as early as tomorrow, and he will continue to run payments company Square, of which he is also currently CEO.

Twitter’s board will likely see some changes, according to the report, starting with former CEO Dick Costolo’s departure.

Dorsey temporarily took over the role following Costolo’s departure earlier in the summer. The board has been on the hunt for a replacement ever since, with several candidates, both inside and outside of the company, being rumored as being in the run. Dorsey was long said to be the favorite, despite his ongoing role as Square’s CEO. Square’s board was reportedly opposed to letting him run both companies, likely due to Square’s impending IPO.

This won’t be Dorsey’s first time as chief executive of Twitter. He was the company’s first CEO, though was replaced by fellow co-founder and then-chairman and chief product officer Ev Williams in the fall of 2008.

Often hailed as Twitter’s “product visionary,” one of Dorsey’s most important tasks will be to steer the company’s service back into steady user growth.

A few minutes after the news broke, Twitter’s stock hit a peak at $26.45.

Click here for a refresher on Dorsey’s first run as Twitter’s CEO.

Check out our list of 8 CEOs who led two companies at once.