Alemayehou will join the board immediately and Cohn will
step down, the company said in a release. Elliott, one of Twitter's top 20
investors, will continue to engage with senior management and the board through
an "information sharing and engagement agreement," Twitter said.
Cohn, who runs the $40 billion hedge fund’s U.S. activism
practice, was appointed to the Twitter board in March 2020, as part of a deal
with the social media company to let Chief Executive Jack Dorsey keep his job
and allow Elliott to take a board seat.
Cohn joined the board alongside Silicon Valley tech investor
Egon Durban, co-chief of private equity company Silver Lake.
Elliott had previously pushed to remove Dorsey after
criticizing him for holding the CEO position at both Twitter and mobile
payments company Square Inc.
After a long period of languishing performance, in which
Dorsey admitted Twitter had been slow to innovate and introduce new features,
the platform has more recently made a slew of announcements to attract more users
and advertisers.
It has committed to doubling its annual revenue by 2023, and
last week introduced its first subscription product, Twitter Blue, which lets
users edit tweets and customize their app.
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