Twitter Inc. will appoint three new directors to its board and create a committee to review its leadership and governance, as part of an agreement with activist investor Elliott Management Corp. and private equity firm Silver Lake.
Silver Lake will also make a US$1 billion investment in the social media company, which Twitter plans to use to fund part of a US$2 billion share buyback, it said.
Elliott’s head of U.S. activism, Jesse Cohn, will join Twitter’s board immediately alongside Egon Durban, co-Chief Executive Officer of Silver Lake, the firms said in a joint statement. A third independent director will be appointed at a later date.
The board will also form a committee, including Cohn and Durban, that will evaluate a succession plan with Twitter’s current CEO, Jack Dorsey, and make recommendations on the company’s corporate governance, including the potential elimination of its staggered board. The committee plans to share the results of its review by year-end.
The settlement comes a little over a week after Bloomberg News first reported that Elliott took a sizeable stake in Twitter to push for changes at the company, including potentially replacing Dorsey. The New York-based firm nominated four directors to Twitter’s board, people familiar with the matter said at the time.
“As a board, we regularly review and evaluate how Twitter is run, and while our CEO structure is unique, so is Jack and so is this company,” said Patrick Pichette, lead independent director of San Francisco-based Twitter, in Monday’s statement.
Silver Lake’s investment will be made through Twitter’s 0.375 per cent convertible bonds due 2025. As part of Monday’s settlement, Elliott, which owns about a four per cent stake in Twitter, and Silver Lake, have signed a standstill agreement.
Twitter also announced plans to grow its monetized daily active users in 2020 and beyond by 20 per cent or more, accelerate revenue growth on a year-over-year basis and gain share in the digital advertising market. It plans to give more details at its analyst day in the fall.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
