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Durban is an ally of Elon Musk, who has offered to take Twitter
private in a $44 billion deal.
Twitter said Durban failed to receive the support of a majority
of the votes in the re-election held earlier this week due to
"voting policies of certain institutional investors regarding
board service limitations".
Durban, who serves on the boards of six other companies, has
agreed to reduce his board service commitments to no more than
five public company boards by May 25, 2023, Twitter said.
The social media company added that Durban was an "effective
member" of the board and brings "an unparalleled operational
knowledge of the industry".
The vote on Wednesday against the re-election could indicate
skepticism among shareholders of Musk's plan or his willingness
to pay what he offered, but investors are expected to
overwhelmingly approve the deal at another meeting yet to be
scheduled.
Silver Lake Partners, where Durban is co-CEO, helped put
together Musk's $44 billion acquisition of Twitter. In 2018,
Silver Lake offered to help finance Musk's contemplated $72
billion bid to take electric-car maker Tesla Inc private.
Musk tweeted on May 13 that the Twitter deal was "temporarily on
hold" while he sought more information about the proportion of
fake accounts on Twitter.
Separately, the U.S. Securities and Exchange Commission said on
Friday it was looking into Musk's disclosure of his Twitter
stake in April.
Shares of Tesla Inc, where Musk serves as the chief executive
officer, were up nearly 5%, while Twitter rose marginally in
early trading.
(Reporting by Nivedita Balu and Akash Sriram in Bengaluru;
Editing by Krishna Chandra Eluri and Shounak Dasgupta)
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