Twitter board restructures, sharpens knives
Dorsey’s head is still on the block
The Elliott hedge fund has set the stage for a shake-up at Twitter by the end of the year. While the threat to sack Jack Dorsey seems to have been shelved, it’s likely to be unwrapped by New Year’s. This was prominent in a form 8-K filing on 9 March 2020 to the SEC:
The Board will form an independent five-person committee (the “Management Structure Committee”) that will build on the Board’s regular evaluation of the Company’s leadership structure. Patrick Pichette, the Company’s Lead Independent Director, will be the chair of the Management Structure Committee. Two additional independent current board members, along with Messrs. Durban and Cohn, will comprise the Management Structure Committee. It will also evaluate the CEO succession plan with the CEO; and make recommendations consistent with corporate governance best practices with respect to the elimination of the Company’s staggered board. The Management Structure Committee will report on its evaluation to the Board any considerations or recommended changes and will conclude its work and share the results publicly before the end of the year.
They are going to muscle Dorsey out if the company doesn’t start making a lot more money.
(h/t Money Stuff)
Originally published at https://stoweboyd.com.