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Twilio Asks Investors to Back New Board Terms; Deeter to Exit

In Technology
April 04, 2024

(Bloomberg) — Twilio Inc., a software company that has been challenged by activist investors, is asking shareholders to change its board director terms to one year from three beginning in 2025.

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The company also announced Wednesday that Byron Deeter, a director since 2010, will not seek reelection at its upcoming annual investor meeting, and the board will be reduced to nine members from 10 upon the end of his term.

Deeter, a partner at Bessemer Venture Partners, was among Twilio’s first investors and “helped guide the company from our earliest stages of growth,” Chief Executive Officer Khozema Shipchandler said in a statement.

Twilio said on Monday that it had added Andy Stafman, a partner at Sachem Head Capital Management, to the board. The San Francisco-based company, known for its business-to-consumer communications services, is facing pressure from Legion Partners Asset Management and Anson Funds, which have urged the company to sell its segment business and buy back shares.

Co-founder Jeff Lawson stepped down as CEO earlier this year, which Sagar Gupta of Anson Funds called “a step in the right direction.”

—With assistance from Crystal Tse and Brody Ford.

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