Twitter Names Jack Dorsey Permanent CEO

Twitter Inc. shares rose 2.4% in premarket trading, after the company said it has appointed co-founder and interim Chief Executive Jack Dorsey as permanent CEO. The announcement confirmed media reports from the past several weeks. Dorsey will also continue to serve as CEO of Square Inc., the payments company he co-founded in 2009, that has reportedly filed confidentially for an initial public offering. "There are currently no plans to provide Mr. Dorsey with direct compensation for his role as Chief Executive Officer," Twitter said in a regulatory filing. The company said it has also appointed Adam Bain as chief operating office. Bain, 42, was president of global revenue and partnerships at Twitter from Sept. 2010 to Oct. 2015. Shares have fallen 26% in the year to date, while the S&P 500 has fallen 5.4%.