Twitter co-founder named executive chairman

Reuters News
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Posted: Mar 28, 2011 3:31 PM

SAN FRANCISCO (Reuters) - Twitter co-founder Jack Dorsey is returning to the microblogging company to oversee product development, but will remain chief executive of his separate mobile payment start-up company.

Dorsey, who co-founded Twitter in 2006 along with Evan Williams and Biz Stone, and served as its first CEO until 2008, will become Twitter's executive chairman, the company said on Monday.

In the new role, Dorsey will return to Twitter "in an everyday role to lead our product development," the company said.

In December Twitter was valued at $3.7 billion in a $200 million funding round led by venture capital firm Kleiner Perkins Caufield & Byers.

Square, the mobile payment company that Dorsey co-founded in 2009, said in a statement that it would remain Dorsey's top priority.

(Reporting by Alexei Oreskovic; Editing by Richard Chang)