Twitter reportedly set to name Jack Dorsey CEO

Last Updated Sep 30, 2015 3:28 PM EDT

Twitter (TWTR) co-founder Jack Dorsey is expected to be appointed the company's new permanent CEO, the technology website ReCode reported, citing sources.

Dorsey, who has been the social media's interim chief executive for the past three months, could be tabbed as the company's new permanent CEO as soon as Thursday, although the timing is subject to change, according to ReCode.

Shares of Twitter rose in the wake of the report, lately up 4.3 percent.

Twitter declined comment.

Dick Costolo, a former Google executive who joined Twitter in September 2009 as chief operating officer, stepped down as the top executive at of the San Francisco company in early June.

ReCode said Dorsey will also continue as CEO at Square, a mobile-payments company he started and that is expected to go public before the end of the year.

If Dorsey is anointed as Twitter's CEO, it would mark his second reign at the company that he helped start in 2006. The 38-year-old Dorsey sent the first tweet in March of 2006. He was Twitter's original CEO until he was ousted in 2008 in a coup engineered by another company co-founder, Evan Williams.

Although Twitter is among the world's best known technology companies, it still hasn't posted a profit and its user growth has been slowing.