Updated · Nov 16, 2022
Egon Durban Will Stay on Twitter Board Despite Shareholder Vote
Updated · May 30, 2022
In a regulatory filing made on Friday, Twitter insisted that it will stick with the director.
Social media company Twitter has decided against removing director Egon Durban from its board. This development comes after its investors voted to boot him out in a shareholder meeting days ago.
On Wednesday, he failed to receive investor support to retain his position. Many shareholders believed that Durban holds a director position in too many other corporations. In total, he is on the boards of seven public companies.
The Silver Lake co-CEO offered to resign in accordance with the social network’s guidelines. On Friday, Twitter’s board said it would not accept the resignation, calling him “invaluable”.
“The board considers Mr. Durban a highly effective member and believes that he brings to the board an unparalleled operational knowledge of the industry, a unique perspective, and an invaluable skill set and experience with mergers and acquisitions,” it said in a regulatory filing.
Twitter does not believe that Durban’s other position impedes his role at the company. However, it added in the filing that he has agreed to cut down board membership in public companies by two by May 2023.
According to the filing, this “appropriately addresses the concerns raised by stockholders with regard to such engagements.”
Durban is considered an Elon Musk ally. He was one of the first people the Tesla CEO met before investing in Twitter, his initial move before reaching an agreement to buy the company for $44 billion.
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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