Bitcoin supporter Jack Dorsey to retain Twitter head post

The agreement between Twitter and its shareholders does not imply the removal of Jack Dorsey from the position of CEO, reportsBloomberg.

The company will appoint three new directors and createManagement and Management Review Committee as part of an agreement with investor activist Elliott Management and Silver Lake Private Equity Fund.

Silver Lake will provide Twitter with an investment of $ 1 billion, which will be used to finance the repurchase of shares from the market for $ 2 billion

The head of the Elliott Management US division, Jesse Cohn and Silver Lake co-director Egon Durban, will be appointed to the board of directors. A third independent director will be appointed later.

The board of directors will form a committee includingKona and Durban, who, in conjunction with Dorsey, will evaluate the succession plan and make recommendations on corporate governance. The committee plans to submit the results of the review by the end of the year.

An agreement was reached a week later withsmall after Elliott Management, after acquiring a 4% stake in the company, expressed its intention to achieve the removal of Jack Dorsey from the post of CEO of a popular social network.

Forklog previously wrote that #StandWithJack is gaining momentum on the Internet. Ethereum founder Vitalik Buterin and Tesla CEO Ilon Musk supported Dorsey.