Twitter will put an Elon Musk friend on its board – even though shareholders have rejected him
New York – January 2007: Egan Dabur, co-CEO of Silver Lake, attends PBR Unleash the Beast at Madison Square Garden in New York City on January 7, 2022. Photo Cindy Ord / Getty Images
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T.Whiter will allow Egan Durban, co-CEO of Silver Lake, to retain his board seat, although shareholders rejected his re-election at the company’s annual meeting. His time on board begins with a pre-date of Elon Musk’s arrival, 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 shareholder advisory recommendation, not because of its relationship with Musk, the company said in 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. It has a total of six corporate boards. In a new deal with Twitter, he promised to reduce those demands for the time being, leaving one of the other boards and not working on more than five boards in the future.
The filing also suggests that Twitter’s concern that Durban’s departure could violate its agreement with Elliott Management, an activist-investment firm that bought a stake in Twitter 2020. Perhaps this will upset Elliott Management, a former adversary who tried to compromise Twitter. To end the campaign against Jack Dorsey and Twitter, it has struck a broad deal with Elliott. One of the provisions was that Elliott got several seats on the board, one of which was at Durban / Silver Lake.
“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. Musk has now suggested he could buy Twitter for 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. “
