Twitter to Name Jack Dorsey Permanent CEO

Company co-founder will maintain position he has held on interim basis, according to tech site Re/Code

SAN FRANCISCO, CA – OCTOBER 09: Twitter Co-Founder and Chairman and Square CEO Jack Dorsey speaks onstage during "From 7 Dwarves to 140 Characters" at the Vanity Fair New Establishment Summit at Yerba Buena Center for the Arts on October 9, 2014 in San Francisco, California. (Photo by Kimberly White/Getty Images for Vanity Fair)

Twitter co-founder and interim CEO Jack Dorsey will be named the company’s permanent CEO, according to tech news site Re/Code.

Dorsey has been serving as interim CEO of the social media company since July 1, after the company’s last CEO, Dick Costolo announced he was stepping down in June. He also serves as CEO of mobile payment company Square.

Twitter stock hit an all-time low in August, and the company recently saw the departures of three top product executives. Jeff Seibert, who previously served as the head of developer products was promoted to head of consumer product earlier this month.

The company currently has 302 million monthly active users, with 500 million tweets sent per day. Dorsey co-founded the company with Evan Williams, Biz Stone and Noah Glass in 2006.

Twitter stock is up nearly three percent since opening at $25.94.