Twitter reached an agreement with hedge fund Elliott Management on Monday that keeps Jack Dorsey, co-founder and CEO of Twitter, secure in his role after the fund was reportedly seeking to oust him. Elliott was reportedly planning on replacing Dorsey due to the social media giant’s declining stock and the chief executive’s outrage-inciting announcement in December that he would be living in Africa for three to six months. Twitter will appoint two new board members as part of the deal, and it will receive a $1 billion investment from Silver Lake, a private equity firm. Elliott, which reportedly has a $1 billion stake in Twitter, nominated four directors to the company’s board last month. “We are deeply proud of our accomplishments and confident we are on the right path with Jack’s leadership and the executive team,” said Patrick Pichette, Twitter’s board director. “As a board, we regularly review and evaluate how Twitter is run, and while our CEO structure is unique, so is Jack and so is this company.”
Read it at The Wall Street Journal
