Twitter share price rises as Jack Dorsey returns to flock as permanent boss and Adam Bain promoted to chief operating officer

 
Lynsey Barber
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Twitter founder Jack Dorsey is back with the flock... permanently (Source: Getty)

Twitter founder and interim chief executive Jack Dorsey has been named as the permanent boss of the social network, confirming speculation and sending shares in the company up by as much as four per cent in early trading.

Dorsey, who succeeds Dick Costolo, will remain chief executive of Square, the payments company he founded after leaving Twitter, despite the board indicating it was looking for a chief in a position to make a "full-time commitment" when it began its search back in June.

Dorsey had received the backing from a number of high-profile investors to return to the nest while the board carried out its search, including Chris Sacca and Saudi Prince Alwaleed.

Twitter's global president of revenues and partnerships Adam Bain, another name mooted to take over the role, will also take on the role of chief operating officer.

The company has struggled to maintain user growth, worrying investors and sending shares below its IPO price in August during its search for a chief executive to replace Costolo who announced his departure in June.

Dorsey will relinquish his position as chairman of the board which he has held since 2008. The 38-year-old first served as boss from May 2007 but was ousted after just 15 months over his management style which did not fit in with fellow founder Ev Williams who then replaced him at the top until 2010.

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