Twitter named co-founder Jack Dorsey as permanent Chief Executive Officer this morning. Dorsey, who served as interim CEO since June, when Dick Costolo stepped down from the post, also made the announcement on (where else) Twitter:
The Twitter co-founder will retain his post as CEO of Square, which is good, because this new Twitter gig pays nothing, according to the company's SEC filing, which states: "There are currently no plans to provide Mr. Dorsey with direct compensation for his role as Chief Executive Officer."
The company also named Adam Bain as Chief Operating Officer; he was previously the president of Twitter's Global Revenue & Partnerships. Dorsey's appointment wasn't a huge surprise—rumors of his permanent return began intensifying in earnest last week, thanks in part to Larry King:
Dorsey's return to the role as interim officer seemed like a good move for the company, which saw its shares rise immediately. But Fortune reminds us that the last time Dorsey was in charge, back in 2008, things weren't so great:
Dorsey’s focus on outside hobbies, including sewing and drawing classes, and his frequent party appearances annoyed his co-workers. His lack of communication to investors and apparent six-figure text message bills annoyed the board.
Dorsey said more details on the changes will be announced during the company's earning call this morning.
Danielle Wiener-Bronner is a news reporter.