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Twilio to seek shareholder approval for new board director terms
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Twilio to seek shareholder approval for new board director terms
Apr 3, 2024 6:34 PM

April 3 (Reuters) - Cloud communications company Twilio ( TWLO )

said on Wednesday it will seek shareholder approval at

its upcoming annual meeting to change its board director terms

to one year from three.

If Twilio ( TWLO ) gets shareholder approval for the declassification

of board, directors elected at the 2025 annual meeting and

thereafter will be elected to one-year terms, the company said

in a statement.

Twilio ( TWLO ) also said that board member Byron Deeter will not

seek reelection as a director and will retire from the board

prior to its 2024 annual meeting of shareholders.

The size of the board will be reduced back to nine directors

after Deeter's retirement.

The company added Sachem Head partner Andy Stafman to its

board on Monday, expanding the board to 10 people.

Twilio ( TWLO ) has come under pressure from activist investors

including Legion Partners and Anson Funds. Both have been

pushing the company to explore strategic alternatives, including

divesting the data and applications business or selling the

whole company.

(Reporting by Akanksha Khushi in Bengaluru; Editing by

Subhranshu Sahu)

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