Twitter Names Former Google Executive Kordestani As Executive Chairman

(RTTNews) - Social media company Twitter Inc. (TWTR) on Wednesday named Google Inc.'s (GOOG, GOOGL) former chief business officer Omid Kordestani as its new executive chairman.

Twitter's chief executive officer and co-founder Jack Dorsey took to the social media platform to announce the appointment.

Kordestani was most recently chief business officer at Google. He joined the Internet giant in May 1999, leading the development and implementation of the company's initial business model. He was Google's senior vice president of worldwide sales and field operations until April 16, 2009.

Kordestani tweeted, "It's rare you get to be a company with an amazing business that's also transforming the world. I've had good fortune to be at three: Netscape, @google and now @twitter."

Dorsey was recently appointed as Twitter's new CEO, but the company said at that time that he would no longer be the chairman. Twitter has permitted Dorsey to continue as the CEO of financial services and mobile payment company Square Inc. that he co-founded in 2009. Square is planning for an IPO shortly.

Twitter said Tuesday that it will cut up to 336 jobs, constituting about 8 percent of its global workforce, as part of a restructuring plan.

The restructuring, announced by the company in a regulatory filing, is part of an overall plan by Dorsey to organize around the micro-blogging site's top product priorities and drive efficiencies throughout the company.

TWTR is trading at $28.51, down $0.55 or 1.89 percent on a volume of 10.37 million shares.