Dive Brief:

• After months of speculation, Twitter announced early on Monday that it has officially named Jack Dorsey as permanent CEO of the micro-blogging site, according to filings with the SEC. Dorsey will continue to serve as CEO of payments company Square, which is expected to go public soon.
• Twitter has announced that it plans to rework its board of directors, including bringing in a chairman from outside the company. Newly named permanent CEO Dorsey will remain on the board for Twitter, but will be stepping down as its chairman.
• As part of the reshuffling, Adam Bain will now take on the role of chief operating officer (COO) for Twitter.

We are naming @adambain COO of Twitter, we're working to change the composition of our Board, and I will serve as CEO of Twitter and Square!

— Jack (@jack) October 5, 2015

Dive Insight:

Twitter has officially confirmed the report we saw last week: Jack Dorsey is coming back to Twitter as CEO – permanently this time – seven years after being fired from the same role. Dorsey, who was named interim CEO after Dick Costolo's departure from the role in June, was criticized for poor management in his first run as Twitter CEO. 

After Costolo left the role of CEO, Dorsey came in to shake up Twitter’s business approach and articulate a long-term vision for the company. Dorsey is widely viewed as a product visionary who can accelerate Twitter's development of new products.

Notably, the company is reportedly now developing a new product that will allow users to send tweets longer than the long-held 140-character limit – one of the distinctive features of Twitter that Dorsey first came up with. Dorsey has reportedly endorsed breaking the 140-character limit.

The Dorsey appointment may help reinvigorate Twitter and chart a new path for growth as its stock sits near an all-time low. Twitter's stock rose more than 2% in early trade on the news.

Bain, who had served as the company's chief revenue officer prior to the news, tweeted that Dorsey has the ability to energize the Twitter team, as well as, and perhaps more importantly, connect with external partners.

Our teams are energized by @jack and our advertisers & partners love interacting with him.

— adam bain (@adambain) October 5, 2015

Dorsey took to his own Twitter to break the news, saying his focus is to develop teams that move, learn and work fast, and that the plan is to focus Twitter's "roadmap on a few things we can make really great." During a call with investors following the news, Dorsey assured them that the micro-blog's product teams have plotted "dramatic evolution across Twitter, Periscope and Vine" coming next year.