Jack Dorsey to remain Twitter CEO after all
The company's co-founder was facing down an investor seeking to fire him.
Jack Dorsey, in happier times.
Jack Dorsey will remain master of the tweets for at least a bit longer.
Twitter announced Monday that Dorsey will continue to serve as its CEO, despite an effort from activist investor Paul Singer to oust him and take control. Singer's fund, Elliott Management, said in a joint statement with Twitter that in addition to Dorsey remaining head of the social network, the company will add a member from Singer's team to its board of directors.
Twitter also said the large technology investing house Silver Lake would be investing $1 billion into the social network. Twitter also plans to repurchase $2 billion of its own shares in an attempt to increase its stock price.
"Twitter serves the public conversation, and our purpose has never been more important," Dorsey said in a joint statement with Elliott Management and Silver Lake.
Last month, rumors began circulating that Singer planned an attempt to oust Dorsey. Among Singer's complaints were Twitter's poor stock market performance, still sitting more than 16% below its IPO price seven years ago. Singer also questioned whether Dorsey's time was being effectively spent as CEO of both Twitter and payments company Square.
Dorsey also planned to spend up to six months traveling in Africa this year, something he's publicly reconsidered since Singer announced his takeover plans. Twitter didn't immediately respond to a request for comment or make Dorsey available to discuss his Africa plans following the agreement.
