Jack Dorsey will remain CEO of Square as he steps in to take over the role of interim CEO of Twitter.
“I am grateful for the talented team at Square, which I will continue to lead,” Dorsey said in the press release. “We have built a very strong company from top to bottom, and I am as committed as ever to its continued success.”
Twitter’s CEO Dick Costolo announced he would be stepping down, effective July 1. Dorsey, a co-founder of the social network and executive chairman of its board, will be replacing him as interim CEO.
This leaves Dorsey in charge of two large, highly-valued Silicon Valley companies.
Dorsey co-founded Square in 2009 with Jim McKelvey after he left Twitter in 2008. He returned to Twitter in 2011 as Executive Chairman after Costolo replaced Ev Williams as CEO.
Dorsey has talked before about his hands-off approach to management. In a Marketplace interview, he said that his role was to make sure decisions are being made, but not to be the one to make them.
“I say that if I have to make a decision, we have an organizational failure. (That’s) because I don’t have the same context as someone who is working day to day with the data, with the understanding of the customer,” Dorsey told Marketplace about his management style as a CEO. “I can help provide context of what’s happening in the industry, what’s happening with our competition, what’s happening across the company, and we need to make decisions that are rich in that.”
We’ll see if that hands-off approach works when Dorsey is in charge of two companies.