The Twitter board of directors finally concluded its review of the company’s management.
The company executives decided that Jack Dorsey, the CEO of Twitter, should keep his role.
Dorsey’s position was questioned in February, as he felt that the management of Twitter and Square was too much.
Krypto-Twitter recently received good news: Twitter CEO Jack Dorsey, who is known to be a strong supporter of Bitcoin (BTC), will retain his position as Chairman. The decision came after a lengthy review by the company’s board committee, which finally decided not to take any action that would lead to Dorsey’s dismissal.
Dorsey may retain the role of CEO
As some may recall, Elliott Management founder Paul Singer demanded the removal of Dorsey as CEO of Twitter in February of this year. According to Singer, Dorsey’s time has been split between running Twitter and his other company, the Square payment platform.
The company decided to review the governance of Twitter as part of a March 2020 agreement with Elliott Management and Silver Lake, a private equity firm. Both companies were large Twitter investors and both succeeded in gaining seats on the company’s board of directors.
Months have passed, and while the world struggled against COVID-19, Twitter officials reviewed Dorsey and his influence on the company. They finally made a decision, which was published on November 2 in the company’s file filed two days ago.
The file stated that Dorsey would remain CEO, but also that the Board of Directors would continue to evaluate the performance of the company and management.
Further changes on Twitter
The committee also proposed a plan to reduce the term of office of Twitter directors from three years to just one year. The decision is somewhat questionable, however, as it would allow major investors like Elliott to replace board members more easily. This would enable them to take over the company more easily.
After solving this problem, Twitter also decided to join the Civic Alliance – alongside other companies such as PayPal and even the crypto-startup Ripple. The Alliance is committed to fair and free voting in the U.S., and its members have made great efforts to enable their employees to vote, even during working hours.