Silver Spot – Twitter to nominate Elliott’s Cohn for re-election as board member
(Reuters) -Twitter Inc said on Thursday it will nominate board member and Elliott Management head of U.S. equity activism Jesse Cohn for re-election, as part of an agreement with the hedge fund.
The social media company is consulting with Cohn to identify a new independent director to replace him, it said in a regulatory filing, adding that Cohn will resign once a new director was appointed.
Last year in March, Twitter reached an agreement with Elliott to add three new directors for letting Jack Dorsey stay as chief executive officer, days after Elliott’s plan to push out the social media company’s chief became public.
The company added Cohn, and private equity firm Silver Lake’s co-chief executive officer Egon Durban to its board and said it planned to appoint a third new director soon.
Dorsey is one of Silicon Valley’s most prominent entrepreneurs who also runs Square Inc, a mobile payments company he co-founded.
Reporting by Akanksha Rana in Bengaluru; Editing by Shinjini Ganguli