Good news for crypto Twitter: Jack Dorsey to remain CEO

Written by: Ali Raza
November 4, 2020
  • Twitter board of directors finally completed their review of the firm's leadership.
  • The company's officials decided that Twitter CEO, Jack Dorsey, should keep his role.
  • Dorsey's position was challenged in February, who thought running Twitter and Square is too much.

Crypto Twitter recently received good news — Twitter CEO, Jack Dorsey, who is known for being a major supporter of Bitcoin (BTC), will get to keep his chair. The decision came after a long review by the company’s board committee, which eventually decided not to take action that would lead to Dorsey’s removal.

Dorsey gets to keep the role of CEO

As some may remember, back in February of this year, the founder of Elliott Management, Paul Singer, demanded the removal of Dorsey as the CEO of Twitter. According to Singer, Dorsey’s time has been split between running Twitter and his other firm, payment platform Square.

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The company decided to review Twitter’s leadership as part of a March 2020 agreement with Elliott Management, as well as Silver Lake — a private equity firm. Both firms were major Twitter investors, and they both managed to gain seats on the company’s board of directors.

Months have passed, and while the world fought against COVID-19, Twitter’s officials have been reviewing Dorsey and his impact on the company. They finally made a decision, which was revealed in the company filing two days ago, on November 2nd.

The filing said that Dorsey will remain CEO, but also that the board will continue to evaluate the firm and management performance.

Additional changes to Twitter

In addition to this, the committee proposed a plan to reduce Twitter directors’ terms from three years to only one. However, the decision is somewhat questionable, as this would allow major investors, such as Elliott, to replace board members with greater ease. This would allow them to take over the company more easily.

Following the resolution of this issue, Twitter also decided to join the Civic Alliance — alongside other firms, such as PayPal, and even the crypto startup, Ripple. The alliance is encouraging fair and free voting in the US, and its members have gone to great lengths to allow their employees to vote, even during working hours.