Jack Dorsey to remain CEO of Twitter in deal with investment firm

Elliot Management was attempting to force Dorsey out of the company

Twitter CEO Jack Dorsey will keep his job as part of a deal the social media giant reached with investment firm Elliott Management.

For the past two weeks, the investment firm was attempting to push Dorsey out of his position as CEO to boost Twitter’s growth. As part of the deal, Twitter is going to have two new board members from Elliott Management and Silver Lake.

The announcement notes that Dorsey will stay in his position for the time being, but that the board is looking into when it would make sense to move to a new CEO. The board members are considering the “the CEO succession plan,” and are going to release their findings at the end of the year.

Since Elliot Management purchased a four percent stake in Twitter, the firm has leverage over decisions and could potentially cause trouble for Dorsey.

Source: Twitter, The Verge