Jack Dorsey, cofounder of Twitter and Square, has been named Twitter's permanent CEO.

Dorsey stepped in as interim CEO of Twitter in place of Dick Costolo in July.

Dorsey is also CEO of Square, which will be going public. He plans to do both jobs at once.

News of Dorsey's hire broke on Wednesday afternoon.

According to Twitter's SEC filing, the board made the decision on Wednesday.

In addition to Dorsey's becoming full-time CEO, Adam Bain is being promoted to COO. He was previously president of global revenue. Costolo is stepping down from Twitter's board.

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