According to multiple news reports, Jack Dorsey, Co-Founder and former CEO of Twitter, has stepped down from the board and did not appear for re-election. The reports suggest he was allegedly also accused of “backstabbing” the Board and helping Musk acquire the company.
As a Co-Founder, Jack Dorsey had been with Twitter for 16 years and has seen the company grow from a start-up to hosting 180+ Mn DAUs on average, and has also been in the positions of Exec Chair, Chair, and Interim-CEO.
The Co-Founder who has been an integral and significant factor in shaping the platform and its policies has been steadily cutting ties with the social network and concentrating on Block, the financial payments company he founded. Jack Dorsey resigned from Twitter as CEO, citing the reason of a founder-led company potentially becoming a reason for failure, and appointed Parag Agrawal as the new CEO.
Additionally, Egon Durban, Director, Twitter and Co-CEO, Silver Lake failed to get enough votes to get re-elected to the board during the company’s annual shareholder meeting. Bloomberg reported that Institutional Shareholders Services Inc, an advisory firm, recommended against Durban’s re-election because he serves on the boards of “more than five publicly-traded companies”.
He has been instrumental in shaping up the microblogging and social networking site and major changes such as character limit and not adding an edit button to Tweets to maintain the platform’s authenticity of being built like an SMS service.
Meanwhile, the company he built is going through a turbulent acquisition. Citing a finding on pending details supporting the calculation of spam or fake accounts on the platform, Elon Musk announced a temporary hold on the acquisition of Twitter, and its transformation to a privately-owned company.
Following this, Twitter’s CEO announced several changes in the leadership teams and operations in the past few days, and while the acquisition deal is expected to close, the changes were made considering all scenarios.
The structural changes were cited as an attempt to improve the company’s health which is affected by multiple factors of the macro-environment and would have been taken irrespective of the acquisition, mentioned Parag Agrawal, CEO, Twitter.