May 27 (Reuters) – Twitter Inc (TWTR.N) It said in a statement Friday that it would not accept Egon Durban’s resignation from the board, two days after shareholders prevented him from being re-elected at an annual meeting.
Durban is an ally of Elon Musk, who offered to take Twitter private in a $44 billion deal. Read more
Twitter said Durban failed to secure the support of a majority vote in the re-election held earlier this week due to “the voting policies of certain institutional investors regarding board service limitations.”
Twitter said Durban, which serves on the boards of six other companies, has agreed to reduce its board service commitments to no more than five public company boards by May 25, 2023.
Silver Lake Partners, where Durban is the co-CEO, helped pool Musk’s $44 billion acquisition of Twitter, according to one of the documents.
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(Nivdita Balu reports in Bengaluru); Editing by Krishna Chandra Elori and Shunak Dasgupta
Our criteria: Thomson Reuters Trust Principles.
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