Egon Durban will not leave the board after shareholders expel him
Egon Durban will not leave the board after shareholders expel him

Egon Durban will not leave the board after shareholders expel him

Egon Durban, the Twitter director, is not willing to leave the board after shareholders voted to expel him

Egon Durban will not leave the board after shareholders expel him

May 31, 2022: -Twitter director Egon Durban is not ready to leave the board, even though he wanted to resign after shareholders voted to expel him from his position, the Company said on Friday.

According to Twitter, Durban failed to acquire shareholder support because of his role as director on several different public company boards. Twitter said that Durban serves on the board of six other publicly traded companies but is willing to decrease the number of public company boards he serves on to five by May 25, 2023.

“While the Board does not believe that Mr. Durban’s other public company directorships will become an impediment if engagements were to continue, Mr. Durban’s commitment to decrease his board service commitment to five public company boards by the Remediation Date addresses the concerns raised by stockholders about such engagements,” the Company said.

“The Board considers Mr. Durban a highly effective member and believes that he brings the Board an unparalleled operational knowledge of the industry, a unique perspective, and an invaluable skill set and experience with mergers and acquisitions,” the Company added in the filing.

Corporate governance advisory firm International Shareholder Services advised against Durban’s service as a director, which cited his other board commitments.

Durban, who is also the co-CEO and managing director of Silver Lake, his private equity firm, was on the board when it was approved Twitter’s sale to billionaire Elon Musk in the previous month.

Silver Lake had previously worked on deals with Musk, including investing $100 million into his solar business, SolarCity, before it was acquired by Elon Musk’s Tesla. In 2018, Musk said he was working with Silver Lake when he agreed to be taking Tesla private, although that never came to fruition.

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Egon Durban will not leave the board after shareholders expel him
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Egon Durban will not leave the board after shareholders expel him
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Twitter director Egon Durban is not ready to leave the board, even though he wanted to resign after shareholders voted to expel him from his position
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The Women Leaders
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