Twitter rejects Elon Musk’s resignation

May 27 (Reuters) – Twitter Inc (TWTR.N) said in a filing filed 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 has offered to privatize Twitter in a $44 billion deal. Continue reading

Twitter said Durban did not get a majority of votes in the new election earlier this week due to “certain institutional investors’ voting policies regarding restrictions on board service.”

Durban, who serves on the boards of six other companies, has agreed to reduce his board service obligations to no more than five public company boards through May 25, 2023, Twitter said.

Silver Lake Partners, of which Durban is co-CEO, helped Musk acquire Twitter for $44 billion, a filing shows.

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Reporting by Nivedita Balu in Bengaluru; Edited by Krishna Chandra Eluri and Shounak Dasgupta

Our standards: The Thomson Reuters Trust Principles.

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