Jack Dorsey
Courtesy Photo

As expected, Twitter co-founder Jack Dorsey has announced he is the company’s new permanent CEO. Fittingly, he chose Twitter to share the big news. Dorsey also said revenue and partnerships chief Adam Bain would be the new COO and that there were changes in the works within the company’s board.

Dorsey replaces Dick Costolo, who stepped down in June, but remained on Twitter’s board. Twitter announced on Monday that Costolo stepped down from the board on Sept. 30 and also that Dorsey will continue on the advisory panel, but will no longer be chairman.

On a conference call on Monday, Dorsey, Bain and board member Peter Currie answered questions about the selection process, retention of Twitter employees and the rollout of new products, including Project Lightning, a new way to help users follow live events that will be rolling out later this year. Dorsey said Project Lightning will "make sure we can really show off what’s going on in the world in a contextual way." Dorsey also briefly alluded to a new feature that will enable longer tweets beyond the standard 140 characters.

Twitter said there were no plans to provide Dorsey with direct compensation for his role as CEO.

Technically revealed in a regulatory filing with the SEC, the hiring marks Dorsey’s second time as Twitter CEO. His first stint ended in 2008 when he was pushed out from the company he co-founded with Evan Williams, Biz Stone and Noah Glass.

Dorsey's re-hiring as permanent CEO also comes as Twitter tries to breathe life into drooping growth numbers. Recent figures showed second-quarter users grew at the slowest pace since the company went public in 2013. (As proof of that, the Twitter app is currently ranked No. 27 in the App Store.) The service has over 300 million users but has yet to post a profit.

Shares of Twitter jumped 9 percent in early morning trading following the announcement.

On Twitter, Dorsey said he’ll continue on as CEO of his digital payments system Square. He stressed that "both companies have strong businesses and are well positioned to grow their impact in the world. I will do whatever it takes to ensure that."