Silver Lake co-CEO Egon Durban failed to win support from a majority of Twitter shareholders to remain on the board for another term after two investor groups raised concerns that Durban sits on the board of too many public companies. He then offered to resign but board members declined his resignation with the agreement to resign from two other board seats over the course of the next year.
“Mr. Durban has strengthened its ability to oversee the Company’s long-term value creation strategy,” the board said.
They added that accepting his resignation at this time would not be in the best interests of the company. Durban has worked with Elon Musk on several major equity deals, including the abortive effort to take Tesla private in 2018. He is seen as one of Musk’s closest allies.
Former Twitter CEO Jack Dorsey left the board to focus more on his payments and cryptocurrency company, Block. Musk stated that the buyout deal was “on hold” due to a broader investigation into bot activity on the platform.
One of the public’s opinions is that the move is an effort to renegotiate the buyout at a lower price, which Musk said was not out of the question. Twitter leadership has emphasized the importance of sticking to the agreement.
There was a proposed class-action lawsuit on behalf of Twitter shareholders to address the same concerns, alleging that Musk had made false and misleading statements that drove down the value of Twitter’s stock.
Twitter shares continue to sell below buyout price.
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