Twitter reached an expensive compromise with an activist investor on Monday to save Jack Dorsey’s part-time CEO job, but not for good, writes tpoletti.
Twitter Inc. reached an expensive compromise with an activist investor on Monday to save Jack Dorsey’s part-time CEO job, but not for good.
This compromise fell short of the initial intention by the hedge fund to remove Dorsey, a Twitter co-founder, who returned as CEO in 2015. Dorsey’s return raised questions among investors because he is also the CEO of Square Inc. SQ, -10.07%, the mobile payments company he also founded.
“While our CEO structure is unique, so is Jack and so is this company,” Twitter lead independent director Patrick Pichette, who is also the former chief financial officer of Google, said in the announcement. “To continue to ensure strong governance, we are pleased to create a temporary board committee that will build on our regular evaluation of Twitter’s leadership structure.”
Twitter’s CEO may currently have the backing of the company’s board, and clearly the most recent quarter, which showed better-than-expected results and actual growth in its monetizeable daily active user numbers, helped. But going forward, two new directors who likely have different points of view, and the formation of the new committee, even if temporary, shows that Dorsey’s part-time job at Twitter is likely going to get a second look by a revamped board.
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