Jack Dorsey’s job as CEO of Twitter Inc. appears safe.
Twitter said in a securities filing on Monday that a board committee formed this spring recommended that the current management structure remain in place. The announcement gives Mr. Dorsey a reprieve after his leadership of the company drew scrutiny earlier this year from Elliott Management Corp., which is known as one of Wall Street’s toughest activist investors.
The filing said the committee is also suggesting changes to Twitter’s board structure, which would give investors more say, and that it would continue to evaluate management’s performance.
Twitter and Elliott reached an agreement in March in which the company agreed to appoint two board members and commit to $2 billion in share buybacks. The agreement also included the formation of the new committee to study Twitter’s leadership, which effectively created a probation period for Mr. Dorsey to prove himself to the new investors.
The committee was led by Patrick Pichette, Google’s former chief financial officer who earlier this year was named Twitter’s lead independent director. Jesse Cohn, Elliott’s head of U.S. equity activism, and Egon Durban, co-CEO and managing partner of Silver Lake, also served on the committee.
