Twitter CEO Jack Dorsey and Principal Bitcoin (BTC) will maintain their positions at the company, according to Twitter’s newly adopted board committee.
As reported by Bloomberg on Nov.2, the committee formally reviewed Twitter’s leadership as part of a March 2020 agreement with active investor Elliott Management and venture capital firm Silver Lake. Both companies took up positions on Twitter’s board of directors through investments earlier this year.
Citing a November 2 corporate archive, Bloomberg reports that an independent board committee has concluded that the current governance structure is adequate. As stated in the deposit:
The committee expressed confidence in the management and recommended that the current structure be maintained […] The Board of Directors will continue to assess the company’s and management’s performance in accordance with a number of factors, including the company’s business plan and a set of milestones. ”
In addition to keeping Dorsey in office, the committee also proposed a plan to reduce the tenure of Twitter executives from three to one year. The report indicated that the move could make it easier for investors like Elliott to replace board members in an effort to control the company.
Dorsey has been the CEO of Twitter since founding the social media platform in 2006. In February 2020, Paul Singer, founder of Elliott Management, demanded that Dorsey fire her as CEO of Twitter and raised concerns about Dorsey’s time splitting between Twitter and the payment platform arena.
In a referendum on its leadership, Twitter recently joined PayPal and Ripple in an alliance that encourages free and fair voting in the United States. The so-called “civil alliance” companies are reported to be encouraging their employees to vote with paid leave and flexible working hours on election day.
In late October, Dorsey attended a hearing on the US Senate Trade Committee. Together with Mark Zuckerberg, CEO of Facebook, and Sundar Pichai of Google, Dorsey discussed the committee’s concerns about openness and accountability on social media, especially when it comes to hate speech and freedom of political expression.