Twitter has put to rest speculations that suggested co-founder Jack Dorsey could be the next permanent CEO. Scrapping all such speculations, the micro-blogging site said on Monday that only candidates who can work full time will be considered.

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Dorsey ruled out in race for Twitter CEO?

Twitter’s board made it clear that only candidates “who are in a position to make a full-time commitment to Twitter” will be considered. This suggests that until Dorsey, who’s currently Twitter’s interim CEO, quits as CEO of Square, he won’t become Twitter’s permanent CEO. The micro-blogging site also said that it has hired executive search firm Spencer Stuart to help find its next CEO.

After Twitter appointed Dorsey as interim CEO, there were speculations that he could return to the company on a permanent basis. Dorsey was the first chief executive of the company but was dismissed in 2008. Afterwards, he returned as a product chief for a short-time, replacing another Twitter co-founder, Evan Williams, who was shown the exit door from the top job.

Dorsey has avoided answering the question about whether or not he wants to remain at Twitter and is looking beyond the interim CEO position. Even if Dorsey is unable to dedicate his full time, he could dedicate more time in the day to day operations of the micro-blogging firm, something that has not been ruled out by the board.

Dorsey will take the position of interim chief executive of Twitter on July 1. Dorsey will have to divide his time between Twitter and Square, the digital payment startup he founded after leaving Twitter.

Twitter CEO search is on

On the topic of the next CEO, the board said it is expecting a bold thinker and a proven leader capable of helping Twitter capitalize on its unique platform for the benefit of users, advertisers and employees and to enhance value for investors in the coming years.

Twitter has struggled to keep its platform simpler for the average internet user. Dorsey, being a co-founder, could have more say in making those changes, but as of now, he maintains that no change in the company’s current strategy is needed.

The board has decided that it will analyze both internal and external candidates to find the best match. Adam Bain, Twitter’s president of revenue and partnership, and Anthony Noto, Twitter’s finance chief, are considered by analysts to be two strong CEO candidates.

Who will be the next Twitter CEO is not sure for now, but it is certain that whoever it will be will face a tough challenge of reporting to the board, which includes three former CEOs, including Costolo, two of whom are co-founders: Dorsey and Williams. Twitter’s board mentioned in its statement that it has “utmost confidence” in the management team and Mr. Dorsey.