Jack Dorsey Remains Twitter CEO After Company Makes Peace With Activist Investor

Jack Dorsey Remains Twitter CEO After Company Makes Peace With Activist Investor

Jack Dorsey Remains Twitter CEO After Company Makes Peace With Activist Investor

Investment management firm Elliott Management has set up a deal with Twitter to save Jack Dorsey's role as CEO of the social media network. This announcement represents a major victory for Bitcoin and the crypto community. The committee plans to share the results of its review by year-end.

Earlier this year Elliott, which is one of the industry's most active investors with more than $40 billion in assets under management, nominated four directors to Twitter's board and was pushing to remove Dorsey.

The deal involves a $1 billion investment from Silver Lake, which will fund a $2 billion share repurchase program.

Elliott's head of USA activism, Jesse Cohn, and Silver Lake's co-chief executive officer Egon Durban, will join the social media site's board immediately and the company plans to appoint a third new director soon. Pichette will chair the committee which "will provide a fresh look at our various structures, and report the findings to our Board on an ongoing basis".

Under the agreement with Elliott Management, which owns about 4% of the Twitter's common stock and economic equivalents, two new board members will be appointed to the board: Egon Durban, co-CEO and managing partner of Silver Lake; and Elliott partner Jesse Cohn.

In connection with the investment and the agreement, Egon Durban, co-CEO and managing partner of Silver Lake, and Jesse Cohn, partner at Elliott, will be appointed to the Twitter Board of Directors.

"As a board, we regularly review and evaluate how Twitter is run, and while our CEO structure is unique, so is Jack and so is this company", said Patrick Pichette, lead independent director of San Francisco-based Twitter, in Monday's statement.

Jack Dorsey has been a great advocate of Bitcoin and one of its most visible champions.

Twitter also funds a team of developers who are working purely on advancing the Bitcoin ecosystem.

Are you glad that Jack Dorsey is staying on as Twitter's CEO? Yet Dorsey exemplifies today's West Coast leaders just as Welch helped to define the celebrity CEO of the 1980s and '90s. Add your thoughts below!

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