Jack Dorsey will be back on Twitter

The current Twitter CEO, Dick Costolo, has just tweeted that Jack Dorsey will be returning as executive chairman to the company he co-founded five years ago.



Jack himself confirmed the information by writing that he is very happy to return as an executive chairman, but also will not leave the CEO position in his startup, Square.



Dorsey was the first CEO of Twitter before he transferred this post to Evan Williams in October 2008. Last year, Williams transferred the position to Dick Costostolo to focus on product strategy.

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After Williams became the CEO, Dorsey took the time-consuming role of the chairman of the board. Two years later, he launched Startup Square, which allows merchants to more easily process credit card payments using their mobile devices and a small card reader.



The publication Business Insider was the first to announce last week that Dorsey was negotiating to return to Twitter as “something like a product director.”