Twitter To Likely Name Jack Dorsey CEO: Reports

(RTTNews) - Twitter Inc (TWTR) is planning to appoint Jack Dorsey, its co-founder and interim chief executive officer, as permanent CEO by Thursday, Re/code reported, citing sources.

The micro-blogging site is also reportedly planning a shake-up of its board structure.

But if Dorsey gets to be the permanent CEO of Twitter, it will throw up the question whether he will renounce the top position at Square, the mobile-payments company that he founded and which is reportedly planning an IPO. Twitter had indicated its preference for a full-time CEO.

Being the CEO of two companies is not a new phenomenon. Steve Jobs at one time headed both Apple and Pixer, and Elon Musk is at the helm of Tesla Motors and SpaceX, the aerospace manufacturer and space transport services company.

Dorsey has been a candidate for the top post at Twitter, even as he took on an interim role after the exit of Dick Costolo end June.

Twitter stock has been under pressure. The company had raised concerns over its growth prospects, and the exit of some of its top product executives further raised anxieties.

In July, Twitter said its second quarter net loss narrowed from last year, as revenue surged 61 percent. Twitter is still trying to catch up with social networking giant Facebook Inc (FB) which has more than 1.4 billion users, while Twitter has about 302 million users.

TWTR is trading at $26.34, up $0.75 or 2.95%, on the NYSE.