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Twitter Inc Appoints Jack Dorsey as Permanent CEO; Shares Jump

The board of directors of Twitter Inc (NYSE:TWTR) announced the appointment of its co-founder Jack Dorsey as permanent CEO. He will continue to serve as a member of the Board, but will no longer serve as Chairman.

Jack Dorsey Twitter

Mr. Dorsey will also remain as CEO of Square, the mobile payments and financial services company, which he co-founded in 2009, according to Twitter in a regulatory filing with the Securities and Exchange Commission (SEC).

The stock price of Twitter climbed more than 5% to $27.65 per share at the time of this writing, around 11:45 AM in New York.

Twitter believes in Dorsey’s ability to revive the company

The board of directors Twitter selected Mr. Dorsey to become its permanent CEO because of its perspective and experience as one of the founders and one of the largest shareholders of the social media company. The Board also noted that Mr. Dorsey has extensive experience with technology companies.

Mr. Dorsey served...