Last week we speculated about the return of Twitter co-founder Jack Dorsey to the network in a greater role, since he stepped down as CEO five months ago.

Today those rumours have been confirmed with Twitter CEO Dick Costolo and Dorsey himself announcing his position as Executive Chairman of Twitter.

Dorsey will continue as CEO of his other startup, Square – which according to a spokeswoman at Square remains Dorsey’s “top priority” – but Jack will now begin overseeing product at Twitter within this new role.

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