The shares were up nearly 6%, outrunning a 1.55% bump in the S&P 500. It’s a welcome pop: Twitter stock plunged 20% aftershowed a dip in daily active users, and it’s had a tough time regaining its footing.
In an SEC filing, Twitter announced that a new so-called management structure committee had concluded its work with recommendations, which the board accepted, that included expressing “its confidence in management.”Elliott unveiled a 4% stake in Twitter early this year and began to push for change at the company, the board and management that appeared to put co-founder Dorsey’s tenure at risk. Elliot was concerned at his double role as CEO of payments company Square, which he also co-founded.
There are changes, including an updated succession plan. Twitter will also add a proposal to the 2021 annual meeting of stockholders to amend its bylaws to eliminate its classified board structure — meaning directors will now be elected for one-year terms.