(Reuters) – Twitter Inc (TWTR.N) said on Monday that it will name three new directors to its board in an agreement with activist investor Elliott Management and private equity firm Silver Lake.
Elliott’s head of U.S. 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.
Noticeably, the agreement appears to be leaving Jack Dorsey, Twitter’s chief executive, in place even after Elliott, which has a roughly $1 billion stake in Twitter, had pushed for his ouster.
“While our CEO structure is unique, so is Jack and so is this company,” Twitter’s lead independent director Patrick Pichette said in a statement.
Silver Lake will invest $1 billion in Twitter which the company said it would use to help fund a $2 billion share repurchase program.
Twitter’s stock price fell 1.4% to $32.97 in early trading as the broader market was slumping amid…
Source Reuters Tech News