Twitter will name three new directors to its board in an agreement with activist investor Elliott Management and private equity firm Silver Lake
) on Monday reached an agreement with Elliott Management that lets Jack Dorsey stay as chief executive and adds three new directors a few days after Elliott’s plan to push out the social media company’s chief became public.
“This is by no means thought about as temporary. This is just getting back to work with the team and the strategy, ambitions and timeframe that we were working against before,” he told Reuters in a phone interview. Twitter said in its statement that it would use the Silver Lake investment to help fund a $2 billion share repurchase program.
Late last month Elliott nominated four directors to Twitter’s board and was pushing to remove Dorsey, one of Silicon Valley’s most prominent entrepreneurs, criticizing him for being the CEO of two publicly traded companies: Twitter and Square , a mobile payments company he co-founded.
2020 promises to be a big year for Twitter with people looking to the company for news about the coronavirus, the U.S. election and the planned Olympics in Tokyo.
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