Jack Dorsey will remain the CEO of Twitter after a board committee said in an SEC filing on Monday afternoon that the company’s current leadership should remain in place.
The decision comes after Twitter’s board of directors was asked to review its executive team earlier this year by activist investor Elliott Management, which had taken a stake in the company.
“The committee expressed its confidence in management and recommended that the current structure remain in place,” the SEC filing said.
Twitter’s announcement comes a few days after the company reported underwhelming Q3 user growth. The service added 1 million new users during the third quarter, which came in stark contrast to the company-record 20 million users it added the quarter prior; Twitter said its Q2 growth was accelerated by COVID-19 restrictions, which forced more people to stay inside and check for news on the pandemic. Twitter’s stock has taken a beating since last Thursday, falling from $52 per share to $39.47 on Monday.
Elliot Management has a 19% stake in Twitter, according to Bloomberg. Beyond Twitter, Dorsey also serves as the chief executive of Square. Twitter has been in the news lately for its updated election policies, as well as its standoff with the New York Post over the outlet’s recent reporting on Hunter Biden, Democratic nominee Joe Biden’s son. You can read more about the Twitter-New York Post fight — and how Twitter’s inconsistent rules led to the problem — by clicking here.