May 27 (Reuters) – Twitter Inc (TWTR.N) said in a statement on Friday that it would not accept Egon Durban’s resignation from the board, two days after shareholders blocked his re-election at an annual meeting.
Durban is an ally of Elon Musk, who offered to make Twitter private in a $ 44 billion deal. Read more
Twitter said Durban did not receive the support of a majority of votes in a re-election earlier this week due to “a policy of voting by some institutional investors on restrictions on board work.”
Durban, who serves on the boards of six other companies, has agreed to reduce its on-board service commitments to no more than five boards of public companies by May 25, 2023, Twitter said.
Silver Lake Partners, where Durban is co-CEO, helped put together Musk for the $ 44 billion Twitter acquisition, according to documentation.
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Report by Nivedita Balu in Bengaluru; Edited by Krishna Chandra Eluri and Shunak Dasgupta
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