Monday, August 15, 2022

Jack Dorsey is no longer chief executive, says he’s ‘Block Head’ now

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The moves follows in the footsteps of Elon Musk who is ‘Technoking of Tesla’, or so he would have it

In today’s high-stakes business environment, titles like chief executive or chief financial officer no longer indicate power, prestige, or hierarchy.

A truly unique label is mandatory if you want to stand out from the crowd.

Jack Dorsey, tech-entrepreneur and former Twitter Inc (NYSE:TWTR) chief executive, is doing just that. Dorsey’s no longer chief executive of the digital payments company; he’s now ‘Block Head and Chairperson’.

In a disclosure last week, Block Inc (NYSE:SQ) announced that co-founder Dorsey had changed his title from chief executive, president, and chairman to the new one, effective immediately.

Block Inc’s bylaws were also seemingly updated, and now it reads that there is no longer a need to have chief executive and president, so Dorsey’s successors will also be called Block Head.

Dorsey’s role and responsibilities won’t change, according to the filing with the SEC.

Dorsey’s title change follows in the footsteps of Elon Musk, who initiated a designation change last year when he changed his title at Tesla Inc (NASDAQ:TSLA) and also that of the electric vehicle’s chief financial officer.

Tesla said in a filing with the SEC on March 15, 2021, that “Effective March 15, 2021, the titles of Elon Musk and Zach Kirkhorn have changed to Technoking of Tesla and Master of Coin, respectively.”

In response to Dorsey’s new title, Musk tweeted “Your (Dorsey’s) new title at Block is (on fire).”

Dorsey co-founded the payments business as Square in 2009, before it got renamed Block in December to reflect its growth. Block includes Tidal, music streaming service, Cash App, and TBD54566975, a bitcoin financial services platform.

Earlier, Dorsey, who co-founded Twitter and ran it until November, said he’d stay on its board until May.

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