(Bloomberg) -- Elliott Management Corp.'s Jesse Cohn plans to step down from Twitter Inc.'s board once the company can find a replacement.
Twitter is searching for a new independent board director, in line with its “interest in continuing to enhance the diversity of the board,” to replace Cohn, according to a filing Thursday. It's unclear how long the search will take. Elliott's standstill agreement will remain in effect until Cohn steps down from the board, according to the filing.
Cohn joined Twitter's board last year after Elliott disclosed a notable stake in the company as part of an effort to replace Chief Executive Officer Jack Dorsey and force Twitter to make other changes to its corporate structure. The parties eventually reached an agreement, along with private equity firm Silver Lake, that saw Twitter implement more aggressive revenue and user growth goals. At an analyst event in February, the company said it plans to double its annual revenue by 2023.
Dorsey kept his job after a review by the board released in November recommended that Twitter's management structure “remain in place.” The company is making some changes, though, including plans to reduce the terms of Twitter's directors to one year from three, meaning that each board member will need to be re-appointed by shareholders annually.
Cohn is still up for re-election to the board at the company's annual shareholder meeting which is scheduled for May 27, though he can leave at any time. Cohn is also expected to co-chair two new special purpose acquisition companies, or SPACs, that Elliott launched. Representatives for Elliott and Twitter declined to comment.
Twitter stock has jumped about 95% since it was first reported that Elliott had taken a stake in the company on Feb. 28, 2020.
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