- Twitter, Inc TWTR refused to remove Silver Lake co-CEO Egon Durban from its board after failing to win the support of the necessary majority of Twitter investors.
- The board considered Durban a highly influential member bringing an unparalleled operational knowledge of the industry, a unique perspective, and an invaluable skill set and experience with mergers and acquisitions.
- Leading shareholder advisers, Institutional Shareholder Services (ISS), and Glass Lewis were concerned that the private equity investor represented too many boards, the Financial Times reports.
- Durban was one of the first people Elon Musk contacted alongside Twitter co-founder Jack Dorsey after acquiring a stake in Twitter.
- Durban holds a seat on seven public boards, ISS said.
- Twitter decided to withhold his resignation after he agreed to reduce his board commitments to no more than five public company boards by May 25, 2023.
- Durban’s other board commitments include Manchester City football club parent, Endeavor talent and media agency, Unity Technologies gaming platform, and former Alphabet Inc GOOG GOOGL Google self-driving car business Waymo.
- Price Action: TWTR shares traded higher by 2.11% at $40.36 on the last check Friday.
- Photo by Gerd Altmann from Pixabay
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