Twitter’s cofounder and its first CEO, chairman Jack Dorsey, just tweeted that he is “thrilled to get back to work at @Twitter leading product as Executive Chairman.”
We first reported the Twitter board’s intention to hire Dorsey back last week.
During negotiations, the possibility of making Dorsey Twitter’s CEO came up, but the board eventually decided it would be better to put him in charge of product and keep current CEO Dick Costolo around.
In his tweet, Dorsey says he will be leading his mobile payments startup, Square, “forevermore as CEO.”
A source close to Square told us as much last week.
“Jack is CEO, now and forever,” this source said.
How is that Dorsey would be able to hold down a top product gig at Twitter and be CEO of a fast-growing startup?
“Jack is amazing,” said this source. “He works from 5 or 6 am until midnight.”
As an Odeo employee back in 2006, Jack Dorsey invented Twitter with some help from another employee named Florian Webber.
After Twitter split out from Odeo, Dorsey was the company’s first CEO in 2007. Then chairman Ev Williams pushed Dorsey out in 2008, taking the CEO job for himself.
Ev Williams stepped down as Twitter CEO last fall, handing over the job to then COO Dick Costolo. At the time, it was reported that Williams would lead product development at Twitter. This turned out not to be true. These days, Williams is hardly ever at the office. Neither is another more visible cofounder, Biz Stone, who nevertheless still makes plenty of appearances in the media representing Twitter.
Square is starting to gain real traction. It’s already processing more than $1 million a day in transactions.
As much as we admire what he’s helped build at Square and Twitter, it is hard to imagine Dorsey will be able to hold down two high-pressure jobs at two fast-growing companies.
A source who works with Twitter employees on a regular basis tells us it might be dangerous for that company’s current management to bring the beloved cofounder back into the fold.
“It would be like hoping that Steve Jobs and [one time Apple CEO] Gil Amelio would work together long-term. There can only be one.”
“Jack is a God there now. [Current Twitter CEO] Dick [Costolo] is a funny guy. God wins.”