Twitter’s board has said that Jack Dorsey will stay as CEO after a review from management provoked by an activist investor’s determination to push the CEO out of the career.
The company in March made a deal with important investors to end an effort to overthrow Dorsey, which in turn created a latest committee on the board of directors to keep tabs on twitter’s leadership.
The plan called for fresh investment in Twitter by private equity group Silver Lake, and a pledge by twitter to present a 2 billion dollars share re-purchase plan.
The deal also allowed the hedge fund Elliot Management, which had been persistent to eliminate Jack, to get the company’s partner a seat on the board of Twitter.
As part of the contract, the company made an impermanent board committee to make on its steady assessment of Twitter’s leadership design.
Twitter had been facing pressure by Elliott Management, which owns about 4% of the company, to replace twitter’s CEO, between concerns he has spread himself too thin by running the social media along with the digital transactions company Square.
The board said that the committee had spoken its confidence in management and suggested that the present structure persists in place, the board said that on 2nd November in a filing with the United States Securities and Exchange Commission.
The board sanctioned the committee’s references.