Bitcoin Bull and Twitter CEO Jack Dorsey gets to keep his position as board ratifies leadership continuation

The board committee decides on the leadership management, says Jack Dorsey can continue his position as the CEO of Twitter.

By · Nov 4, 2020 . 5min read

Jack Dorsey to continue as Twitter CEO news

Twitter’s board has accepted the recommendations of a committee set up to review Jack Dorsey’s role as the CEO of the social media giant. The board committee reviewed and recommended that Jack Dorsey can keep his role as the CEO of Twitter. The board committee included representatives from Elliott Management Corp. and private equity firm Silver Lake. Both firms took a stake in the San Francisco based, publicly-traded company and since asked that Dorsey’s role be reviewed.

Per a Bloomberg publication, the committee okays Jack remaining as the CEO. However, they recommended that the board of directors tenure to be reduced to one year from three years.

“The committee expressed its confidence in management and recommended that the current structure remain in place… The board will continue to evaluate company and management performance according to a range of factors, including the company’s operating plan and established milestones.”

Twitter, unlike Facebook, has one class of stock which means, a co-founder CEO like Jack Dorsey, can be pushed out anytime the board decides. Jack has been under the eyes of a possible hostile takeover, especially by Elliot, who had invested earlier.

Recall that Jack currently serves as the CEO of two public companies; Twitter and Square. The interesting part is that both companies are diametrically different in terms of products and service. However, according to the committee’s recommendation and perhaps popular sentiments, Dorsey has been doing just fine. For instance, Dorsey has been a strong advocate of remote working which the COVID pandemic stamped harder. Twitter is perhaps one of the few companies out there that allows any of its workers to work remotely permanently.

Twitter CEO also runs Square which supports Bitcoin and Crypto.

Square is a tech payment giant which currently runs a suite of products. Cash App is one of them, and it’s the cash cow of the payment giant due to high patronage from bitcoin and cryptocurrency enthusiasts. The company also recently invested $50 million into bitcoin summing up to 1% of all its assets.

Follow Cryptodose for daily updates.

         All News