Dorsey will retain the crypto-friendly social media platform as CEO.
Twitter CEO and Bitcoin (BTC) cop Jack Dorsey will retain his position in the company, a Twitter board committee recently decided.
As Bloomberg reported on 2 November, the committee formally reviewed Twitter’s governance under a March 2020 agreement with investment firm Elliott Management and Silver Lake. Both companies invested in the company earlier this year and secured seats on Twitter’s board.
Bloomberg reported, citing a company application dated November 2, that the independent board of directors concluded that the existing management structure was adequate. The document states
“The Committee trusts the management and recommended that the current structure be maintained. […] The Board will continue to assess the performance of the Company and management against a number of factors. These include the Company’s operating plan and the milestones set.
In addition to retaining Dorsey in his position, the committee recommended a plan to reduce the term of office of Twitter directors from three years to one year. This move could make it easier for Bitcoin Union review investors like Elliott to replace board members to take control of the company, the report says.
Dorsey has served as Twitter CEO since the social media platform was launched in 2006. In February 2020, Paul Singer, the founder of Elliott Management, pushed for Dorsey’s removal as CEO of Twitter. He expressed concern that Dorsey was splitting his time between Twitter and the Square payment platform.
Twitter recently teamed up with PayPal and Ripple in an alliance that promotes free and fair elections in the United States. Companies within the so-called “Civic Alliance” encourage their employees to vote. They are given paid time off and flexible working hours.
At the end of October, Dorsey had to attend a hearing before the US Senate Trade Committee. Along with Facebook CEO Mark Zuckerberg and Google employee Sundar Pichai, Dorsey spoke about the committee’s concerns about transparency and accountability in dealing with social media content. In particular, they discussed hate speech and the freedom of political expression.