T.Whiter will allow Silver Lake co-CEO Egan Durban to retain his board seat, despite shareholders rejecting his re-election at the company’s annual meeting this week. The board predicts the arrival of Elon Musk during Durban, starting with an earlier entanglement with another unsolicited investor. But, in the past, Durban was a close confidante of Mask, and the company’s decision to keep him is a reminder of the complex tactics এবং and personalities জড় involved in the highly publicized battle for the future of Twitter over the years.
Twitter believes Durban lost the election against him because of a recommendation from a shareholder advisory body, not because of his relationship with Musk, the company said. A new SEC filing. That firm, ISS, at its Wednesday meeting of Twitter shareholders recommended rejecting him because there is so much going on in Durban. He sits on a total of six corporate boards. In a new deal with Twitter, he has promised to reduce those claims for his time by leaving. . . One of the other boards has promised not to serve more than five boards in the future.
The filing also suggests that Twitter is concerned that Durban’s departure could violate its agreement with Elliott Management, the activist-investment firm that bought a stake in Twitter 2020. Or perhaps at least annoy Elliott, a one-time adversary who worked hard to please Twitter. In 2020, the company entered into a comprehensive agreement with Elliott to stop the campaign against Twitter and then-CEO Jack Dorsey. Among the provisions, Elliott won several board seats, one of which went to Durban / Silver Lake. The last thing Twitter wants to do at the moment is to oppose Elliott and possibly involve him in buying masks. And what a mess that would be.
“The Board considers Mr. Durban a highly active member and believes that he has brought to the Board an unparalleled operational knowledge of the industry, a unique perspective, and an invaluable skill and experience with integration and acquisition,” Twitter said in a new SEC filing. Hall is a huge technology-focused private equity firm with about $ 90 billion in assets under management. It did things like Michael Dell did in 2013 to fund his PC company to buy leverage – as well as advising Musk about his plans to privatize Tesla in 2018, whose firmness remains an unanswered question. (Of course, Kasturi now says he could probably buy Twitter, probably for 44 44 billion.)
Here, Twitter ranks Durban high on its report card: “The board noted that Mr. Durban has strengthened the company’s ability to oversee long-term value creation strategies and effectively manage its implementation. In addition, Mr. Durban has consistently been well-prepared, appointed and a meaningful contributor to board meetings and discussions. “
Now a little about the ins and outs of board selection and shareholder voting. It looks like Twitter shareholders will get the final say in the annual shareholder meeting through their votes. No! That is not the case. “And that’s not unusual,” said Ann Lipton, a dean at Tulane Law School and a former corporate attorney. Twitter and other businesses have set their rules of governance so a director must offer to resign if he or she cannot win a majority vote for re-election. “But the board has the discretion to reject the resignation, which it did in this case,” Lipton explained.
So what Twitter is trying to tell us here is this: Durban’s loss has nothing to do with shareholders feeling uncomfortable about his relationship with Mask. Nothing! This is all because of the unjust, interfering comments of the ISS. DurbanCut back on her Promise – everything is fine.
Twitter is also emphasizing the importance of Durban to the company. (It’s important to leave his status to you, honest intentions but to confuse shareholders!) In fact, he’s probably never been more important to Twitter now, as Twitter is still hoping to sell itself to Mask, who has expressed doubts. Whether the contract will end. If you’re on board, and you need to try to keep up with the mask, which seems to have been labeled as the most charitable “mercurial,” you’ll probably want to get a drain like Durban to him. Which probably makes the whole thing about musk.