Co-founder rejoins Twitter in leadership shuffle

Co-founder Jack Dorsey is returning to Twitter to oversee product development, as one the site’s other founding members cuts back his involvement.

Co-founder rejoins Twitter in leadership shuffle

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

Dorsey will also remain chief executive of Square, a separate mobile payment start-up that is also based in San Francisco.

The move represents the latest shuffle among the creators of Twitter, which has more than 200 million registered accounts and has been valued at nearly $8 billion by investors buying shares of the privately-held company in the secondary market.

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

Dorsey’s role focusing on products comes about six months after Williams stepped down from the CEO job – handing the reins to Dick Costolo – so he could be “completely focused on product strategy,” the company said at the time.

Twitter spokesman Matt Graves said in an email that Williams “decided a couple of months ago to be less involved day to day at Twitter.”

Williams currently serves as a “key advisor” to the company, said Graves.

“He continues to have a close relationship with the company providing strategic advice and, of course, he remains an active board member,” Graves said.

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

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