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Bloomberg: Jack Dorsey will stay on as Twitter's CEO

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Twitter shares rose about 1 percent in extended trading after the announcement on Tuesday.

Blockbeats, Nov. 4 (Bloomberg) -- A committee set up earlier this year to review Twitter's leadership concluded that the current management structure with Jack Dorsey at the helm is sufficient, Bloomberg reported Tuesday, citing a Twitter filing.

"The board will continue to evaluate the performance of the company and management against a range of factors, including the company's operational plans and milestones established," the document said, expressing confidence in the existing leadership. The panel reviewing possible leadership changes includes investor Elliott Management Corp. The company bought a majority stake in Twitter in February.

The company was initially considering a management shake-up that could see Chief executive Jack Dorsey removed, according to people familiar with the matter. But Dorsey's job may not change for now. Twitter shares rose about 1% in extended trading after the news was announced Tuesday.

The decision to keep Jack Dorsey is also a recognition of his ability to lead both public companies. In addition to Twitter, he leads Square, a payments company that recently disclosed holdings of US Treasury bonds and has a cryptocurrency development arm. Jack Dorsey's continued CEO role is also a good thing for the cryptographic market. He has been a bitcoin advocate, and with his support, Twitter will remain friendly to cryptographic users.

While the review board continues to keep Dorsey as Twitter's CEO, it has also rolled out a plan to make it easier for outside investors such as Elliott to gain control by replacing board members, according to Bloomberg.