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)