New York (The Verge) — Twitter will keep Jack Dorsey as CEO in deal with activist investor group trib.al/PrT8R72.
Twitter and Elliott Management reached a deal to keep Jack Dorsey on as CEO. The investment group had been trying to oust him. Silver Lake is also investing in Twitter to fund a stock buyback program.
Twitter will keep Jack Dorsey as CEO in deal with activist investor group. Commits to $2 billion stock buyback to appease Elliott Management.
The deal sees Twitter committing to buy back $2 billion worth of stock. It’s also naming two new board members: one from Elliott Management and one from Silver Lake, an investment firm that’s putting $1 billion into Twitter to fund the buybacks.
The new board members will be part of a committee evaluating “the CEO succession plan.” They’ll be joined by three additional board members, all of whom currently serve on the board. The group intends to share their findings publicly by the end of the year. — Jacob Kastrenakes/@verge