A committee formed earlier this year to review Twitter’s management structure ignored investor calls for the removal of CEO Jack Dorsey, but proposed changes to the board structure.
In a regulatory filing, Twitter said the committee “expressed its confidence in management” following an assessment of its operations and financial footing, recommending the current leadership structure remain in place.
However, it urged the company allow shareholders to vote at an annual meeting in 2021 on a proposal to replace Twitter’s staggered board system with a structure under which directors would be elected annually for a one-year term.
The five-member committee was formed in March as part of a bid to placate activist investor Elliott Management [1], which at the time was reportedly pushing for Dorsey’s removal.
It was tasked with evaluating Twitter’s leadership structure and CEO succession plan, and given until end-2020 to report its findings.
Members included one executive each from Elliott Management and private equity company Silver Lake, along with three Twitter board members.
[1] https://www.mobileworldlive.com/featured-content/top-three/twitter-strikes-elliott-deal-keeping-dorsey-safe
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