(MENAFN- AFP) Twitter said Monday that co-founder Jack Dorsey, interim chief executive since July 1, will become CEO of the online messaging service and remain head of payments firm Square.
The appointment of Dorsey, 38, who initially ran Twitter, ends the company's plodding search since Dick Costolo stepped down from the top post in mid-June.
The return of Dorsey at the reins of Twitter comes as San Francisco-based one-to-many messaging platform, which has not yet turned a profit, has struggled to expand its user base above 300 million.
Twitter's new chief operating officer will be Adam Bain, 42, who has overseen Twitter's effort at monetization, including advertising.
Twitter also announced Costolo had resigned from the company's board. The changes were approved by the board of directors on September 30.
Dorsey will also continue to run digital payments service Square, which he founded about five years ago, Twitter said.
Investors applauded Dorsey's permanent comeback, pushing Twitter shares up 2.8 percent to $27.05 in pre-market trade.
Twitter's unusually long search for a CEO had some investors and analysts worried about the future of the company, which has failed to ignite the kind of growth that many had anticipated when it launched its public offering in November 2013.
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