Report: Jack Dorsey To Be Named Permanent Twitter CEO

• Jack Dorsey may finally be appointed as Twitter Inc (NYSE: TWTR)’s permanent CEO as early as Thursday, Re/code reported.
• The stock spiked up when the rumor hit, and was up more than 2 percent on Wednesday.

Sources familiar with the issue told Re/code that Twitter co-founder Jack Dorsey, who has been serving as interim CEO for the past three months, will be named the new permanent chief executive as early as Thursday, although dates might change.

Related Link: Bob Peck: We Still Like Twitter Stock If Jack Dorsey Becomes CEO

Sources also assured that Dorsey will continue to hold the CEO position at Square, the payments company he founded.

Moreover, Twitter’s Board of Directors will probably see some changes, including the departure of the company’s former CEO Dick Costolo, who currently serves as a director.

Twitter has been struggling for a while, especially in the product innovation front.

Twitter declined to comment on these rumors, though re/code's Kara Swisher and Kurt Wagner said, “it’s likely that Dorsey’s return will mean the departure of others from Twitter’s upper ranks. Longtime head of communications Gabriel Stricker has already been ousted. Costolo was well-liked internally, but criticized for failing to articulate Twitter’s longterm mission. Dorsey is very much the opposite, and those who have worked with him say he can be ruthless if you disagree with his vision.”

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.