Is Twitter Inc (TWTR) Ruling Out Jack Dorsey As Permanent CEO?

Source: Forbes

The board of directors of Twitter Inc (NYSE:TWTR) is looking for an executive who can serve as a full-time chief executive officer.

In a note to investors today, Twitter emphasized that it would only consider candidates “who are in a position to make a full-time commitment.”  The company’s statement is a clear response to Dorsey’ strong position that he would not give up his position as CEO of Square, the mobile payments company he co-founded.

Last week Dorsey commented, “I’m as committed as ever to Square and its continued success. I’m Square CEO and that won’t change.”

Twitter appointed Dorsey to serve as interim CEO. He would assume the reposnsibilities of Dick Costolo, who would step down from his position on July 1. Dorsey served as president and CEO of Twitter in May 2007 to October 2008.

Twitter hires executive search firm

Twitter hired Spencer Stuart, a global executive search firm to help the company find a permanent CEO. The company said Spencer Stuart would assist its search committee in the through evaluation of internal and external candidates.

Peter Currie, the lead independent director and chairman of the search committee at Twitter said, “The Board has the utmost confidence in the strong management team Dick has assembled and in Jack Dorsey’s ability to lead the company on an interim basis while we identify a permanent CEO.”

According to him, Twitter is looking for a “bold thinker and proven leader” capable of helping the company fully capitalize on its unique platform and maximize value for shareholders in the years ahead.

Some of the speculated internal candidates include Twitter’s chief of revenue, Adam Bain and chief financial officer Anthony Noto.  Other people also suggested that Dorsey could still become the permanent CEO Twitter while leading Square. They cited the fact that Steve Jobs served as CEO of both Pixar and of Apple Inc (NASDAQ:AAPL) in 1997 after being forced out of the iPhone maker 12 years earlier.

The shares of Twitter declined nearly 1% to $35.56 per share on Monday.