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St. Louisan Jack Dorsey named Twitter CEO

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Jack Dorsey in a London cafe in November 2014. (Source: Flickr user cellanr)

NEW YORK (CNNMoney) — This is the announcement that Silicon Valley and Wall Street have been expecting.

Jack Dorsey is Twitter’s new CEO — permanently. Twitter made the announcement on Monday.

Investors had called on the company’s board to appoint co-founder Dorsey as permanent CEO since July 1, when he was named interim chief after Dick Costolo stepped down.

Dorsey will also remain CEO of Square, a mobile payments startup he also co-founded that is reportedly preparing for an IPO.

Whether he would hold the top job at both companies had been a matter of speculation.

Shortly after Twitter named Dorsey interim CEO, the board put out a statement that seemed to rule him out of the running, saying it only wanted candidates “in a position to make a full-time commitment to Twitter.”

Dorsey co-founded Twitter in 2006, as social media networks were gaining popularity. It quickly took off as an easy and efficient tool to chat and share information online, especially among the tech and media communities, but failed to gain traction among new users.

Dorsey acknowledged this sentiment during a recent Twitter earnings call.

To turn around, Dorsey said Twitter must do three things: have more “disciplined execution”; simplify so people can learn how to use the service faster; and market it better so people understand why it’s important.

“‘Why Twitter’ must be articulated clearly,” Dorsey said. “What should you expect from Twitter? To be as easy as looking out your window to see what’s happening. To show you what’s happening in the world [first], directly from the source.”

By Hope King