Twitter's board hasn't decided on who their next CEO will be. There are reports claiming that they won't decide on a new CEO until after Labor Day. Co-founder Jack Dorsey is among the leading candidates.

Twitter's Board had a meeting Thursday, which everyone hoped could lead to the appointment of a new CEO. CNN reported that the pressure is building up on the leaders of the giant tech company as Twitter shares continue to go on a downward slope. Its stock has dropped 22% since its former CEO Dick Costolo resigned in July. Costolo lead the company for five years.  Co-founder and former CEO Jack Dorsey took over the position as interim CEO as the company seeks a new leader.

Twitter is considering Dorsey to be its head permanently according to a Fortune report. This is not going to be an easy decision, since Dorsey is the current CEO of mobile payments startup Square. Some analysts are not confident enough on the idea of letting Dorsey lead two companies at once. Besides Dorsey, other leading candidates for the position are former Cisco Systems executive Padmasree Warrior, Twitter revenue chief Adam Bain, and CBS Interactive executive Jim Lanzone.

Re/code's Kara Swisher reports that Twitter's board won't choose a new CEO until after Labor Day. She said, "This is an important decision, they should take time to pick the right CEO, unless they are going to sell the company." According to Swisher, Jack Dorsey is a very good candidate, as reported by CNBC. Unless the company will find a big name for the position, Dorsey is most likely going to become the CEO.

On Friday, Twitter's share went down more than 1.2 percent midday as people anticipated for a possibility that Twitter will choose a new CEO. Unfortunately, Twitter didn't choose a new CEO during the board's Thursday meeting. According to R.W. Baird senior Internet analyst Colin Sebastian, Dorsey, who is a company veteran, has the capacity to make tough decision as the Twitter struggles to rebound.