(Bloomberg) -- Egon Durban, the co-Chief Executive Officer of private equity firm Silver Lake, will remain on Twitter Inc.’s board of directors despite failing to receive enough votes for re-election at the company’s annual shareholder meeting on Wednesday.
Institutional Shareholders Services Inc., an advisory firm, had recommended against Durban’s re-election because he serves on the boards of “more than five publicly traded companies.”
In total, Durban sits on the boards of 17 organizations, including six publicly traded companies: Qualtrics International Inc., Carbon Black Inc., VMware Inc., Dell Technologies Inc., Unity Software Inc. and Twitter. Durban agreed to reduce his public board appointments to five by May 25, 2023.
Durban had tendered his resignation. But the board exercised its power to reject it, according to a filing on Friday morning with the Securities and Exchange Commission.
Twitter said its committee considered the fact that Durban was appointed to the board as part of an agreement in March 2020 with Silver Lake and Elliott Management Corp. Durban is also an ally of Elon Musk, who is in the process of buying Twitter in a $44 billion deal.
“The Board considers Mr. Durban a highly effective member and believes that he brings to the Board an unparalleled operational knowledge of the industry, a unique perspective, and an invaluable skill set and experience with mergers and acquisitions,” according to the filing.
Twitter confirmed that Durban would remain a board director.
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