Twitter to retain Jack Dorsey as CEO, rejigs management

Twitter Inc and activist hedge fund Elliott Management Corp on Monday announced, in its latest agreement, that would keep Twitter CEO Jack Dorsey in place.

The agreement calls for the social media company to shake up its management. Twitter appointed two new board members while searching for a third, independent director.

The company has also pledged to repurchase $2 billion worth of shares over time in a buyback program. For this, the company has received a $1 billion funding from technology-focused investor Silver Lake.

“Twitter Inc (NYSE: TWTR) today announced that Silver Lake, a global leader in technology investing, will make a $1 billion investment in Twitter. Twitter also entered into a Cooperation Agreement with Elliott Management Corporation (“Elliott”),