Former Twitter CEO and co-founder Jack Dorsey is stepping down from the social media's board of directors.
Dorsey is stepping down from Twitter's board of directors effective Wednesday (05/25/2022) following a meeting with shareholders.
In fact, Dorsey himself has begun to move away from the company he founded with Evan Williams, Biz Stone, and Noah Glass at the end of 2021. He took the step to focus on another startup called Block, previously known as Square.
Even the plan to step down from Twitter's board of directors has actually been around since he stepped down from the CEO position. At the time, Dorsey said he would remain on the board of directors until his agreement expires at a meeting with shareholders in 2022.
Dorsey's resignation marks a new era, in which he is no longer involved in the company he founded. Plus Elon Musk is still interested in acquiring Twitter, which will probably mean there will be a lot of changes happening on Twitter.
There was also something interesting about the meeting with the shareholders that was held last Wednesday. Twitter's board of directors kicked Egon Durban from his position as a member of Twitter's board of directors.
Durban is the CEO of Silver Lake, a private equity firm, who is also a friend of Musk. Previously, Twitter also recently reorganized its leadership structure and sacked two executives, namely GM of Consumer Products Kayvon Beykpour and GM of Revenue Bruce Falck.
This news comes after Elon Musk bought Twitter for $44 billion and plans to make it a private company. Musk has previously said he would cut executive and board salaries and encourage companies to make savings.
Now Jay Sullivan will take over as GM of Bluebird, Twitter's consumer products division, and temporarily GM of Goldbird, Twitter's revenue division.
Beykpour tweeted that he was asked to quit by Twitter CEO Parag Agrawal who wanted to change the direction of the company. Beykpour first joined Twitter seven years ago after Twitter acquired Periscope, the company he founded.