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

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(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."

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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