Twitter Rejects Elon Musk Ally's Resignation From Board

May 27, 2022

Twitter Inc said in a filing on Friday it would not accept Egon Durban's resignation from the board, two days after shareholders blocked his re-election at an annual meeting.

Durban is an ally of Elon Musk, who has offered to take Twitter private in a $44 billion deal.

Twitter said Durban failed to receive the support of a majority of the votes in the re-election held earlier this week due to "voting policies of certain institutional investors regarding board service limitations".

Durban, who serves on the boards of six other companies, has agreed to reduce his board service commitments to no more than five public company boards by May 25, 2023, Twitter said.

Silver Lake Partners, where Durban is co-CEO, helped put together Musk's $44 billion acquisition of Twitter, according a filing.

Source: Reuters
Image Source: Twitter