Twitter CEO and major Bitcoin (BTC) bull Jack Dorsey will keep his role at the company, according to a recent decision by a Twitter board committee.
As Bloomberg reported on Nov. 2, the committee officially reviewed Twitter’s leadership as part of a March 2020 agreement with activist investor Elliott Management and private equity firm Silver Lake. Both companies gained seats on Twitter’s board of directors through investments earlier this year.
Citing a company filing on Nov. 2, Bloomberg reports that the independent board panel concluded that the existing management structure is sufficient. The filing reportedly reads:
“The committee expressed its confidence in management and recommended that the current structure remain in place. […] The board will continue to evaluate company and management performance according to a range of factors, including the company’s operating plan and established milestones.”
Alongside Dorsey keeping his role, the committee also proposed a plan to reduce the terms of Twitter’s directors from three years to one. The move could make it easier for investors like Elliott to replace board members in an effort to take control of the firm, the report notes.
After co-founding Twitter in 2006 with Evan Williams and Christopher Stone, Dorsey initially servedas CEO of Twitter until 2008. In 2008, Dorsey became chairman of the board, returning as CEO in 2015. In February 2020, Paul Singer — founder of Elliott Management — pushed for the removal of Dorsey as CEO of Twitter, expressing concerns about Dorsey’s time being split between Twitter and payment platform Square.
Turning outward from the referendum on its own leadership, Twitter has recently joined PayPal and Ripple in an alliance encouraging free and fair voting in the United States. Firms within the so-called “Civic Alliance” reportedly encourage their employees to vote with paid time off and flexible work schedules on election day.
In late October, Dorsey participated in a hearing before the United States Senate Commerce Committee. Alongside Facebook CEO Mark Zuckerberg and Google’s Sundar Pichai, Dorsey addressed the committee’s concerns about transparency and accountability in social media content practices, particularly in regard to hate speech and freedom of political expression.