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.
The social media company added that Durban was an
"effective member" of the board and brings "an unparalleled
operational knowledge of the industry".
The vote on Wednesday against the re-election could indicate
skepticism among shareholders of Musk's plan or his willingness to pay what he
offered, but investors are expected to overwhelmingly approve the deal at
another meeting yet to be scheduled.
Silver Lake Partners, where Durban is co-CEO, helped put
together Musk's $44 billion acquisition of Twitter. In 2018, Silver Lake
offered to help finance Musk's contemplated $72 billion bid to take
electric-car maker Tesla private.
Musk tweeted on May 13 that the Twitter deal was
"temporarily on hold" while he sought more information about the
proportion of fake accounts on Twitter.
Separately, the US Securities and Exchange Commission said
on Friday it was looking into Musk's disclosure of his Twitter stake in April.
Shares of Tesla, where Musk serves as the chief executive
officer, were up nearly 5 percent, while Twitter rose marginally in early
trading. © Reuters