Twitter inventor and co-founder Jack Dorsey is officially returning to Twitter as Executive Chairman, CEO Dick Costolo announced via Twitter yesterday morning.
Dorsey will lead product development at Twitter as the micro blogging service seeks to boost revenues and compete with Facebook for the online ad market. He will continue to operate as CEO of his most recent start up, mobile payment system Square.
Dorsey served as Twitter's first CEO before Evan Williams assumed the post in October 2008. At that time, Dorsey took on a less time-intensive role as chairman of the board. Two years later, he launched Square, which allows vendors to more easily process offline credit card payments using their mobile devices and a small credit card reader.
An official statement from Twitter said "As executive chairman, Jack will dive in to work with more than 450 people, led by an experienced executive team. The timing is fortuitous; not only is Twitter experiencing record growth, but we also now have a new infrastructure that will keep us ahead of that growth and enable us to launch products that will make Twitter more instant, simple and always present."
Dorsey followed on Twitter saying: "Today I'm thrilled to get back to work at @Twitter leading product as Executive Chairman. And yes: leading @Square forevermore as CEO. #200%"
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