Twitter director Egon Durban won’t leave the board, even though he offered to resign after shareholders voted to boot him from the position, the company said in a regulatory filing Friday.
Twitter noted Durban is on the board of six other publicly traded. Durban has agreed to decrease the number of public company boards he serves on to five by May 25, 2023.
“While the Board does not believe that Mr. Durban’s other public company directorships will become an impediment if such engagements were to continue, Mr. Durban’s commitment to reduce his board service commitment to five public company boards by the Remediation Date appropriately addresses the concerns raised by stockholders with regard to such engagements,” the company said in the filing. “Accordingly, the Board has reached the determination that accepting Mr. Durban’s Tendered Resignation at this time is not in the best interests of the Company.”
“The Board considers Mr. Durban a highly effective member and believes that he brings to the Board an unparalleled operational knowledge of the industry, a unique perspective, and an invaluable skill set and experience with mergers and acquisitions,” the filing added. “The Board noted that Mr. Durban has strengthened its ability to oversee the Company’s long-term value creation strategy and effectively govern its implementation. Further, Mr. Durban is consistently well-prepared, engaged and a meaningful contributor to Board meetings and discussions.”
Durban, co-CEO and managing director of private equity firm Silver Lake, was on the board when it unanimously approved Twitter’s sale to billionaire Elon Musk last month.
Silver Lake has worked with Musk before. He invested $100 million into the solar business, SolarCity before it was acquired by Musk-run Tesla.