American microblogging service Twitter has selected former Google Chief Financial Officer (CFO), Patrick Pichette, as chairman with immediate effect.
Pichette, who has been the corporation’s lead independent director since the end of 2018, replaces another former Google executive Omid Kordestani who will continue to remain a non-employee director.
“Given the strength and depth of Twitter’s management team and Board, we believe that now is the right time to evolve our governance structure in-line with best practices. Omid has been a valued member of our executive management and brought important leadership and stability to the team over the past five years. We are pleased to demonstrate our commitment to good governance and be in the position to make this important change. We look forward to continuing to benefit from Omid’s expertise on the Board.”
Mr. Kordestani stated in a statement that “Patrick has been an important, independent voice in the boardroom and is the right person to assume this new role as an independent chair. I look forward to continuing my work as a member of the Board.”
Earlier this March, Twitter had reached in an arrangement with the investment firms Silver Lake and Elliott Management under which Silver Lake committed to introducing $1 billion in Twitter, the board accepted to buy back $2 billion of stock, and the microblogging service agreed to put Silver Lake Co-CEO Egon Durban and Elliott partner Jesse Cohn to the Twitter board, as well as a third independent director to be identified later. Jack Dorsey was permitted to continue as the social media company’s chief executive officer as well.