Twitter, Elliott agree on board seats, Silver Lake investment

REUTERS: Twitter Inc said on Monday that it will name three new directors to its board in an agreement with activist investor Elliott Management and private equity firm Silver Lake.

"While our CEO structure is unique, so is Jack and so is this company," Twitter's lead independent director Patrick Pichette said in a statement. Twitter's stock price fell 1.4per cent to US$32.97 in early trading as the broader market was slumping amid fresh fears about the spread of the coronavirus and how it will impact global growth.Earlier this year Elliott, which is one of the industry's most active investors with more than US$40 billion in assets under management, nominated four directors to Twitter's board and was pushing to remove Dorsey.

As part of the agreement, the board will create a temporary committee evaluate its leadership structure, CEO succession plan and share the results publicly before the end of the year.

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