<div>Twitter Inc named co-founder and interim Chief Executive Jack Dorsey as its permanent CEO, ending months of speculation about who would take the reins at the company.</div><div> </div><div>Dorsey will remain head of fast-growing mobile payments company Square, which he also co-founded, potentially setting up conflicts of interest.</div><div> </div><div>Twitter had previously said the CEO job would be a full-time position, which seemed to exclude Dorsey if he continued to run Square.</div><div> </div><div>Some investors had expressed concerns about whether Dorsey could run both Twitter and Square, which is expected to go public later this year.</div><div> </div><div>However, Twitter's shares rose 1.9 per cent to $26.80 in premarket trading.</div><div> </div><div>The move comes at a time when Twitter is working to rekindle user growth. Twitter's second-quarter monthly average users grew at the slowest pace since the company went public in 2013.</div><div> </div><div>Dorsey has served as interim CEO of the microblogging service since former CEO Dick Costolo stepped down on July 1.</div><div> </div><div>Dorsey will continue to serve as a member of Twitter's board, but will no longer be chairman. Costolo resigned from the board on September 30, the company said on Monday.</div><div> </div><div>"We're working to change the composition of our board," Dorsey tweeted.</div><div> </div><div>Adam Bain, previously Twitter's president and head of revenue and once considered a favorite for the top job, was named chief operating officer.</div><div> </div><div>Square, which pioneered the use of instant payments over smartphones and is worth about $6 billion based on its most recent round of funding, plans to file for an initial public offering soon, according to a source familiar with the situation.</div><div> </div><div>That will require substantial time from Dorsey, who will have to spend weeks courting investors.</div><div> </div><div>But some investors said Dorsey was able to do both jobs, and was a more effective leader now than in 2008, when the co-founder was fired from his first stint as Twitter CEO.</div><div> </div><div>Investors and analysts have lauded Dorsey's success at Square and faster product rollouts at Twitter since he took the helm in July.</div><div> </div><div>Those include a widely available "buy now" button that allows users to make purchases directly through Twitter; Project Lightning, expected to roll out later this year and which would allow users to follow live events through selected tweets and photos; and a partnership with Square that lets users to make political donations through Twitter.</div><div> </div><div>Twitter said there were no plans to provide Dorsey with direct compensation for his role as CEO.<br><br>(Reuters)</div>
