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Bitcoin Advocate Jack Dorsey to Stay On as Twitter CEO
Dorsey's leadership position had been under scrutiny after activist investor Elliott Management took a major stake in Twitter in February.
Updated Apr 10, 2024, 2:58 a.m. Published Nov 3, 2020, 12:13 p.m.
Jack Dorsey will retain his position as chief executive officer at social media giant Twitter.
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- A committee formed earlier this year to review Twitter's leadership has concluded the current management structure with Dorsey at the helm is sufficient, Bloomberg reported Tuesday, citing a company filing on the matter.
- "The board will continue to evaluate company and management performance according to a range of factors, including the company’s operating plan and established milestones,” the filing said, while expressing confidence in the existing leadership.
- The panel reviewing a potential leadership change included representatives from activist investor Elliott Management Corp., which took a major stake in Twitter in February.
- The firm had initially been eyeing changes to the firm's management, with the possible removal of Jack Dorsey as CEO, according to a Bloomberg report at the time based on sources.
- Twitter shares gained about 1% in extended trading on Tuesday's news.
- The decision to retain Dorsey is also an approval of his ability to lead two public companies concurrently. Along with Twitter, he also heads payments company Square, which recently disclosed bitcoin treasury holdings and has a cryptocurrency development unit.
- While the review committee is keeping Dorsey as Twitter's chief, it also introduced a plan that would make it easier for outside investors such as Elliott to take control by replacing board members, Bloomberg reported.
Also read: Square Puts 1% of Total Assets in Bitcoin in Surprise $50M Investment
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