Twitter’s latest shareholder meeting didn’t address any issues related to Elon Musk’s likely deal to buy the company, but its founder, Jack Dorsey, left the board of directors following a vote. The same fate threatened Egon Durban, who is considered to be a supporter of Musk, but the board of directors came to his defense, retaining his post.
Silver Lake investment fund executive Egon Durban sits on the boards of 17 organizations, a dispersal of resources that has confused some activists who recommended that Twitter’s shareholders’ meeting vote against Durban’s renewal as a member of the company’s board of directors. Indeed, according to the results of voting at the meeting of shareholders, this candidacy did not receive the necessary support, as a result, Igon Durban even filed an application to be expelled from the board of directors, but a special committee of this Twitter governing body intervened.
Egon Durban was appointed to the Board of Directors in March 2020 following an agreement with the Silver Lake fund he leads and Elliott Management Corp. According to the committee, Mr. Durban is highly effective as a member of the board of directors, because he has “broad operational knowledge of the industry and an invaluable set of competencies, as well as experience in the field of mergers and acquisitions.” Perhaps it was the latter factor that the Twitter board of directors considered especially important in light of the upcoming deal with Elon Musk. Tellingly, by the end of May next year, Durban is committed to reducing the number of positions he holds on the boards of directors of various organizations to just five. In other words, he still has to sacrifice something.