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Twitter shares are surging ahead of a board meeting to discuss its CEO situation

Screen Shot 2015 09 03 at 10.27.35 AM
Screen Shot 2015 09 03 at 10.27.35 AM

(Google Finance)

Twitter shares are surging on Thursday ahead of a meeting of its board of directors to discuss the company's CEO search.

In early trade on Thursday shares of the social media company were up more than 3.5% to around $28.80 per share, their highest level in about 2 weeks.

The rally in Twitter shares on Thursday comes after a Bloomberg report late Wednesday said the company's board will meet today to discuss the CEO situation.

Jack Dorsey, the company's co-founder, has been serving as interim CEO since July 1 when Dick Costolo stepped down.

According to Bloomberg, a source close to the board said Dorsey — who is also the CEO of Square, a mobile payments company that is set to go public soon — is a "leading internal candidate."

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Additionally, a report from Re/code on Wednesday said that according to people inside Twitter, Dorsey is "definitely acting like he's sticking around."

In a note to clients last week SunTurst analyst Bob Peck, one of the most plugged-in Twitter analysts on Wall Street, said he expected that Twitter would name a full-time CEO before Labor Day. Peck expects Twitter to name Dorsey to that post, with Adam Bain taking the role of president and co-founer Evan Williams taking the chairman role.

On Wednesday, Twitter announced a change to its product team putting Jeff Seibert in charge of the company's consumer product efforts, moving its current product head Kevin Weil off the day-to-day management of Twitter's core offering.

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