Twitter will let Egon Durban, the co-CEO of Silver Lake, keep his board seat even though shareholders turned down his reelection at the company’s annual meeting.
NEW YORK, NEW YORK - JANUARY 07: Co-Ceo of Silver Lake, Egon Durban attends PBR Unleash The Beast at Madison Square Garden on January 07, 2022 in New York City. witter will let Egon Durban, the co-CEO of Silver Lake, keep his board seat even though shareholders turned down his reelection at the company’s annual meeting. His time on the board pre-dates Elon Musk’s arrival, dating back to an earlier entanglement with another unsolicited investor.
The filing also makes it seem like Twitter worried Durban’s departure might violate its agreement with Elliott Management, the activist-investing firm that bought a stake in Twitter 2020. Or possibly at least irritate Elliott, a one-time adversary Twitter labored to appease. In 2020, the company struck a wide-ranging deal with Elliott to get it to call off its campaign against Twitter and then CEO Jack Dorsey.
A little bit now abut the ins and outs of board elections and shareholder votes. It might’ve seemed like Twitter’s shareholders might get the final through the votes at the annual shareholder meeting. Nope! That’s not the case. “And it’s not uncommon,” says Ann Lipton, a dean at Tulane’s law school and a former corporate attorney. Twitter and other business have set up their governance rules so a director must offer resign if he or she doesn’t win the majority of the votes for reelection.
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