On Tuesday, Twitter Inc., the San Francisco, California-based microblogging and social networking service provider, had appointed Patrick Pichette, 52, a Canadian businessman and an Oxford scholar who served as a Google Vice President and Chief Financial Officer (CFO) between 2008 and 2015 and has still been serving as a board member in the Canadian commercial jet and train manufacturer Bombardier Inc., as the board Chairman of Twitter Inc., remarking the first time ever in the 14-year-old history of Twitter Inc.
when an outsider would be presiding over the group. Nonetheless, Pichette has been involved with the social networking site since end-2018, while he had acted as the lead independent director of Twitter Inc., however, the Canadian businessman would now replace Omid Kordestani to lead the directors as board Chair, but Kordestani, who had supervised the company over five years and had been more involved than anyone with the company as Twitter Inc.’s executive Director, would stay in the 11-member board of directors along with three new members under leadership of Pichette.
Twitter appoints Ex-Google CFO Pichette as board Chair, as investors sought outsiders to preside over
More importantly, latest Twitter Inc. move to demote Kordestani and to promote Pichette as the company’s new Executive Director, came forth nearly three months after the activist investor Elliott Management, the $40 billion investment fund, had asked for a replacement of present Chief Executive Jack Dorsey, an improvement in corporate governance alongside a higher share price.
However, in exchange for Twitter CEO Dorsey’s survival, the microblogging site’s management board had cut a deal with Elliot and handed over board seats to the activist hedge fund. Besides, as Pichette, who had involvement in multiple businesses and whose appointment as Twitter Inc.
Executive Director was expected to bring in a slew of scrutiny over the social networking site’s management board, was expected to toughen up the financial matters, shares’ prices of Nasdaq-listed Twitter Inc., which had shrugged off an eighth of its market cap over the past 12 months, ended up Tuesday’s market up by 0.22 per cent to $32.26 a share and had barely shown any response to Twitter Inc.’s Tuesday’s announcement.