Twitter CEO Egon Durban won't be leaving the board after shareholders voted to remove him

Twitter CEO Egon Durban will not be leaving the board despite offering to step down after shareholders voted to fire him, the Company said in an official statement on Friday.

Twitter said its board believes Durban has not received shareholder support because of his role as a director on several other publicly-traded company boards. Twitter noted that Durban sits on the boards of six other publicly traded companies but agreed to reduce the boards of public companies he serves to five by May 25, 2023.

"While the board does not believe that Mr. Durban's other public company directors will be a deterrent if such commitments continue, Mr. Durban's commitment to extending his onboard duties to five publicly listed company directors by the adjustment date adequately addresses shareholder concerns about that commitment," the company said in a statement. "As such, the Board has decided that accepting Mr. Durban's current resignation is not in the Company's best interests."

"The board regards Mr. Durban as a highly effective member and believes he brings unparalleled industry operational knowledge, a unique perspective, and an invaluable set of M&A skills and experience," the document added. "The Board notes that Mr. Durban has enhanced his ability to oversee the Company's long-term value creation strategy and effectively direct its implementation. In addition, Mr. Durban has always been ready, engaged, and has contributed to board meetings and discussions."

Management consultancy International Shareholder Services advised Durban not to continue as director, citing other responsibilities to the board.

Durban, co-CEO and managing director of private investment firm Silver Lake, joined when he unanimously approved Twitter's sale to billionaire Elon Musk last month.