(Reuters) – Twitter Inc (TWTR.N) on Monday reached an agreement with Elliott Management that lets Jack Dorsey stay as chief executive and adds three new directors a few days after Elliott’s plan to push out the social media company’s chief became public.
Elliott’s head of U.S. activism, Jesse Cohn, and private equity firm 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. Silver Lake also will invest $1 billion in Twitter.
The agreement brings together hedge fund Elliott, which owns a $1 billion stake in Twitter, and Silver Lake in an unusual arrangement that lets Dorsey continue to lead the company, for now, and sidestep a potentially nasty proxy contest.
“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.
Twitter shares were up about 0.4% on a day of heavy…
Source Reuters Tech News
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