• Durban is co-CEO of Silver Lake, the private equity firm that helped Musk put together the Twitter deal
• He has agreed to reduce his board service commitments from six to five public company boards
Twitter Inc (NYSE: TWTR) on Friday said the company would not accept Egon Durban’s resignation from the board, although the shareholders voted against re-electing him.
Durban, the co-head of private equity firm Silver Lake, partnered with Tesla Inc (NASDAQ: TSLA) Chief Executive Officer Elon Musk on his bid to take Twitter private in a $44 billion deal.
Musk’s ally failed to receive the support of a majority of the votes for the board of the social media company in the re-election held on Wednesday.
Twitter in a SEC filing said Durban failed to receive the support due to “voting policies of certain institutional investors regarding board service limitations”.
As shareholder votes are not officially binding, the board’s nominating and governance committees have the authority not to accept Durban’s resignation.
The San Francisco, California-based social media company, said 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.
Silver Lake Partners, where Durban is the co-head, helped put together Musk’s $44 billion acquisition of Twitter.
Picture Credit: BBC
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