Jack Dorsey to be permanent CEO of Twitter, Square

Micro blogging site Twitter's co-founder and interim chief executive officer Jack Dorsey on Monday said that he would become permanent CEO of Twitter and Square.

"Hello! We have some news to share! We are naming @adambain (Adam Bain) COO (chief operating officer) of Twitter, we're working to change the composition of our Board, and I will serve as CEO of Twitter and Square," Dorsey tweeted.

A US Securities and Exchange Commission filing dated September 30 by Twitter says that "the board of directors of Twitter, appointed Jack Dorsey, co-founder and interim chief executive officer, as CEO".

"Dorsey will continue to serve as a member of the board, but will no longer act as chairman. Dorsey will also continue to serve as chief executive officer of Square, the payments and financial services company he co-founded in 2009," said the filing.

Dorsey, 38, was also the chairman of the board since October 2008 and has been a member since May 2007. Earlier, he has also served as Twitter's president and CEO from May 2007 to October 2008. Dorsey also currently serves on the board of directors of The Walt Disney Company.

According to the filing, Dorsey will not get any direct compensation for his role as CEO.

"There are no arrangements or understandings between Dorsey and any other persons pursuant to which he was selected as CEO," Twitter said.

The filing also listed the board's appointment of Bain as COO. Bain, 42, was Twitter's president of global revenue and partnerships division from September 2010 till date.

Dorsey, who took to Twitter to announce the board's decision, also said that his work currently was to build teams that move fast, and learn faster.

"Our work forward is to make Twitter easy to understand by anyone in the world, and give more utility to the people who love to use it daily," he tweeted.