Twitter CEO Egon Durban won’t quit board after shareholder vote

Musk was reportedly named to Twitter’s board on Saturday, but the world’s richest man informed the company the same day that he would not, in fact, serve on the board.

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Twitter chief Egon Durban will not quit the board, even though he offered to resign after shareholders voted to fire him, the company said in a statement. regulatory filing Friday.

Twitter said its board believes Durban has not received shareholder support due to its role as a director on several other public company boards. Twitter noted that Durban sits on the board of six other listed companies, but said it had agreed to reduce the number of public company boards it sits on to five by May 25. 2023.

“While the Board does not believe that Mr. Durban’s other public company directorships will become an impediment should these commitments continue, Mr. Durban’s commitment to reduce his service commitment to the board of directors to five public company boards by the correction date appropriately addresses concerns raised by shareholders with respect to these commitments,” the company said in the filing. “As a result , the board has concluded that accepting Mr. Durban’s resignation at this stage is not in the best interest of the company.”

“The Board views Mr. Durban as a highly effective member and believes that he brings to the Board unrivaled operational knowledge of the industry, a unique perspective, and an invaluable skill set and experience in mergers and acquisitions. “, adds the file. “The Board noted that Mr. Durban has strengthened his ability to oversee the company’s long-term value creation strategy and effectively govern its implementation. Additionally, Mr. Durban is always well prepared, engaged and a significant contributor to Board meetings and discussions. »

Durban, co-CEO and managing director of private equity firm Silver Lake, was on the board when it unanimously approved the sale of Twitter to billionaire Elon Musk last month.

Silver Lake has previously worked on deals with Musk, including investing $100 million in his solar business, SolarCity, ahead of its acquisition by Musk-led Tesla. Musk said he was working with Silver Lake in 2018 when he claimed to take Tesla private, though that never materialized.

Separately this week, Twitter shareholders filed a proposed class action lawsuit against Musk and Twitter over the acquisition that has resulted in volatile stock swings. The lawsuit alleges Musk bought Twitter stock when he knew inside information based on private conversations with board members, including Durban. Twitter declined to comment on the lawsuit, and Musk did not return requests for comment. Silver Lake did not immediately respond to a request for comment on the lawsuit.

WATCH: A timeline of the Elon Musk-Twitter takeover saga

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