Twitter CEO and Bitcoin (BTC) major investor Jack Dorsey will hold his role at the company, according to a recent Twitter board committee decision.
As Bloomberg reported on Nov. 2, the committee formally considered Twitter’s leadership as part of a March 2020 deal with active investor Elliott Management and private equity firm Silver Lake. . Both companies won Twitter board seats through investments earlier this year.
Citing a company filing on November 2, Bloomberg reported that the independent board of directors concluded that the current management structure was sufficient. The reported records are:
“The committee expressed confidence in the leadership and recommended that the current structure be maintained […] The board of directors will continue to evaluate the company̵7;s and management’s performance against a range of factors, including the company’s operational plans and established milestones.
Along with Dorsey retaining its role, the committee also proposed a plan to reduce Twitter directors’ terms from three years to one. The report notes that the move could make it easier for investors like Elliott to replace board members in an attempt to gain control of the company.
Dorsey has been CEO of Twitter since the inception of the social media platform in 2006. In February 2020, Paul Singer – the founder of Elliott Management – promoted the removal of Dorsey as CEO. Twitter, expressed concern about Dorsey’s time being split between Twitter and payment platform Square.
Going beyond its own leadership referendum, Twitter recently joined PayPal and Ripple in a coalition that promotes free and fair voting in the United States. Companies in the so-called “Citizens Union” encouraged their employees to vote with paid time off and flexible work schedules on election day.
In late October, Dorsey attended a hearing before the US Senate Trade Commission. Along with Facebook CEO Mark Zuckerberg and Google Sundar Pichai, Dorsey addressed the commission’s concerns about transparency and accountability in social media content operations, in particular regarding hate speech and political freedom.