After three months of serving as Twitter's interim CEO, an eight-member board decided on Monday that Jack Dorsey, 38, the man who co-founded the popular social media platform back in 2007, will be serving as the company's permanent chief executive officer, according to the Guardian.

Alongside Dorsey, Adam Bain, the company's former president of global revenue and partnerships, was also promoted as the company's chief operating officer. Bain will be serving a huge role in the operations of Twitter, especially since Dorsey will continue to serve as the executive officer of Square, a mobile payments company.

The search for the social media giant's new chief executive officer began earlier in June, after former CEO Dick Costolo stepped down. After Dorsey was chosen as the company's interim CEO, many were concerned about his inability to commit to Twitter full-time due to his commitments to Square, reports The New York Times.

However, Dorsey seems to have proven his detractors wrong by running Twitter adeptly during the last three months.

Board members stated that during Dorsey's time as interim CEO, he was able to accelerate the pace of product improvements that were initiated by his predecessor. He was also able to show his skills with the company's employees, communicating frequently and openly with Twitter's employees.

Dorsey, for his part, is very grateful for the board members' decision.

"I am honored by the trust the board has put in me to continue to run the company," he said.

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