Jack Dorsey will retain his position as chief executive officer at social media giant Twitter.
- A committee formed earlier this year to review Twitter's leadership has concluded the current management structure with Dorsey at the helm is sufficient, Bloomberg reported Tuesday, citing a company filing on the matter.
- "The board will continue to evaluate company and management performance according to a range of factors, including the company’s operating plan and established milestones,” the filing said, while expressing confidence in the existing leadership.
- The panel reviewing a potential leadership change included representatives from activist investor Elliott Management Corp., which took a major stake in Twitter in February.
- The firm had initially been eyeing changes to the firm's management, with the possible removal of Jack Dorsey as CEO, according to a Bloomberg report at the time based on sources.
- Twitter shares gained about 1% in extended trading on Tuesday's news.
- While the review committee is keeping Dorsey as Twitter's chief, it also introduced a plan that would make it easier for outside investors such as Elliott to take control by replacing board members, Bloomberg reported.
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