Twitter names co-founder Jack Dorsey CEO

Twitter Inc appointed co-founder and interim chief executive officer Jack Dorsey as CEO. It announced the move in a filing with the Securities and Exchange Commission (SEC), the US stock market regulator.

Dorsey (38), will continue to serve as a member of the board, but will no longer act as chairman. He will also continue to serve as CEO of Square Inc, the payments and financial services company he co-founded in 2009, the filing said. Dorsey, who also serves on the board of Walt Disney, will not be directly compensated for his role as Twitter's CEO .

Twitter also named Adam Bain as chief operating officer. Bain, 42, has been serving as Twitter's president, global revenue & partnerships since September 2010. Bain, credited with creating the entire advertising business of Twitter, served in several roles at News Corp, a diversified media company that also owns the parent of this website.

"I have been CEO of both companies for over three months now. I have the smartest, strongest and most determined leaders in the world on my teams," Dorsey tweeted.

"Both companies have strong businesses and are well positioned to grow their impact in the world. I will do whatever it takes to ensure that," he added.

Dorsey was serving as interim CEO of the popular micro-blogging site after incumbent CEO Dick Costolo's exit in June. Costolo, who was credited with leading one of the smoothest tech IPOs in November 2013, saw a fall from grace after the company's fortunes saw a reversal when Twitter's shares took a hit on January 2014.

Things were never the same for Twitter after that. Costolo, who was named in one among Times 10 most influential tech CEOs in 2013, received brickbats for leading a not-so profitable company to IPO, finally leading to his exit. During Costolo's stint, Twitter was unable to attract advertisers at the same rate as its competitors.

Interestingly, in 2008, Dorsey himself was pushed out of the CEO role to be replaced by EV Williams, another co-founder of Twitter. Dorsey came back to the company in 2011 as the executive chairman.

According to a recent report by tech website Recode, shares of Twitter have fallen 49 per cent over the past 12 months, fueling further concerns for investors who have been disappointed by the company's tardy financial performance. Currently, Twitter has around 316 million active users who dish out about 500 million tweets every day.