New Delhi: Twitter Inc Director stay in durbanThe co-CEO of private equity firm Silver Lake failed to garner enough votes for re-election to the board during the company’s annual shareholder meeting on Thursday.
An advisory firm, Institutional Shareholders Services Inc., recommended against Durban’s re-election because he serves on the board of “more than five publicly traded companies”.
However, according to Twitter’s proxy statement, Durban can remain a director of Twitter even if it fails to receive a majority of shareholder votes. The company requires the board’s nominees to offer “irrevocable resignations” before voting, which will kick in if the nominee fails to win shareholders’ approval and the board accepts the resignation. But the board has the power to reject the resignation, leaving the nominee as director, according to the proxy statement.
“Aegon Durban has submitted his resignation to the board,” a Twitter spokesperson said. “The Board’s Nominating and Corporate Governance Committee will immediately consider whether to recommend the Board to accept Mr. Durban’s resignation and provide an update in due course.”
former chief executive officer jack dorsey Not running for re-election on Wednesday, and no longer a member of the board, he ended his formal relationship with the social network he co-founded in 2006. He has been a director since 2007, and was CEO of Twitter as recently as mid-2015. Until his resignation last year.
It was no surprise that Dorsey did not stand for reinstatement on the panel – in November he said he would step down as CEO as well as leave the board when his term ends. But Dorsey’s exit marks the first time in Twitter’s history that none of its co-founders are working at the company, or sitting on the board.
Twitter shareholders voted Wednesday on a range of issues, but didn’t weigh the biggest change facing the San Francisco-based company: an impending buyout by billionaire Elon Musk. Twitter’s board accepted an offer from Musk in late April to take the company private for about $44 billion. Shareholders vote on whether to approve the deal at a later date that has not yet been announced.
Musk, the world’s richest man, has promised a dramatic turnaround on Twitter once he takes over, and the current board is not expected to stay on once the company is taken private. Also refusing to stand for re-election on Wednesday was former World Bank president Robert Zolic, who has been Twitter director since 2018. Twitter board members Patrick PichetteGoogle’s former head of finance, re-elected. Twitter’s other seven director seats were not up for renewal this year.
A proposal that would have declassified the company’s board of directors and required members to be re-elected each year was rejected by the shareholders. Currently, board members receive three-year terms when elected, a strategy that makes it difficult for an outside active investor to come in and force a board change in a short amount of time.
An advisory firm, Institutional Shareholders Services Inc., recommended against Durban’s re-election because he serves on the board of “more than five publicly traded companies”.
However, according to Twitter’s proxy statement, Durban can remain a director of Twitter even if it fails to receive a majority of shareholder votes. The company requires the board’s nominees to offer “irrevocable resignations” before voting, which will kick in if the nominee fails to win shareholders’ approval and the board accepts the resignation. But the board has the power to reject the resignation, leaving the nominee as director, according to the proxy statement.
“Aegon Durban has submitted his resignation to the board,” a Twitter spokesperson said. “The Board’s Nominating and Corporate Governance Committee will immediately consider whether to recommend the Board to accept Mr. Durban’s resignation and provide an update in due course.”
former chief executive officer jack dorsey Not running for re-election on Wednesday, and no longer a member of the board, he ended his formal relationship with the social network he co-founded in 2006. He has been a director since 2007, and was CEO of Twitter as recently as mid-2015. Until his resignation last year.
It was no surprise that Dorsey did not stand for reinstatement on the panel – in November he said he would step down as CEO as well as leave the board when his term ends. But Dorsey’s exit marks the first time in Twitter’s history that none of its co-founders are working at the company, or sitting on the board.
Twitter shareholders voted Wednesday on a range of issues, but didn’t weigh the biggest change facing the San Francisco-based company: an impending buyout by billionaire Elon Musk. Twitter’s board accepted an offer from Musk in late April to take the company private for about $44 billion. Shareholders vote on whether to approve the deal at a later date that has not yet been announced.
Musk, the world’s richest man, has promised a dramatic turnaround on Twitter once he takes over, and the current board is not expected to stay on once the company is taken private. Also refusing to stand for re-election on Wednesday was former World Bank president Robert Zolic, who has been Twitter director since 2018. Twitter board members Patrick PichetteGoogle’s former head of finance, re-elected. Twitter’s other seven director seats were not up for renewal this year.
A proposal that would have declassified the company’s board of directors and required members to be re-elected each year was rejected by the shareholders. Currently, board members receive three-year terms when elected, a strategy that makes it difficult for an outside active investor to come in and force a board change in a short amount of time.