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Twitter board expresses confidence in CEO Dorsey

Twitter board expresses confidence in CEO Dorsey
November 3, 2020

NEW YORK (Reuters) - The board of Twitter expressed support for Chief Executive Officer Jack Dorsey on Monday and said it had confidence in the social media company's "current structure".

“The committee expressed its confidence in management and recommended that the current structure remain in place,” the board said in a regulatory filing.

The board cited Twitter’s “significantly improving product” and financial performance in the third quarter when revenue grew 14% year-over-year to $936 million.

Earlier this year, Dorsey fought off an attempt by activist investor Elliott Management to oust him from his job by agreeing to growth targets.

The deal bought time for Dorsey, who is also CEO of financial tech company Square, to show Elliott he could run two public companies.

The social media platform had 187 million monetizable daily active users (mDAU) during the third quarter, missing consensus analyst expectations of 195.2 million users, according to IBES data from Refinitiv.

The board’s endorsement of Dorsey also comes as the social network faces intense pressure to combat election-related misinformation around Tuesday’s presidential election in the United States.