It’s official: Jack Dorsey is Twitter’s new CEO.

Twitter’s board has decided to strip the ‘interim’ from his title, officially making him the chief executive of the platform effective immediately. Dorsey, who co-founded Twitter in 2006, will also remain as the CEO of e-commerce startup Square. The move comes nearly a week after Recode first reported the news.

“My focus is to build teams that move fast and learn faster,” Dorsey tweeted this morning. “In the past 3 months, we have increased our speed and urgency at both companies.”

He added:

Twitter has also elevated well-liked business head Adam Bain to COO. Since Dick Costolo stepped down in June, Bain’s name has been floating around as a potential replacement. However, he doesn’t seem burned by being passed over, tweeting that he’s “honored” to serve in his new role. Apparently advertisers are also thrilled with Dorsey’s appointment:

Costolo announced that he’s resigning from the board. He called Dorsey a “calm and thoughtful leader” and blasted the months of rumors circulating about the company, tweeting:

Twitter’s stock is up 2 percent in pre-market trading.

Images via Flickr/TechCrunch.

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