Cloud communications company Twilio announced on Wednesday its intention to seek shareholder approval at its upcoming annual meeting to transition its board director terms from three years to one.
Should Twilio receive shareholder approval for the declassification of the board, directors elected at the 2025 annual meeting and onwards will serve one-year terms, as stated by the company in a released statement.
Additionally, Twilio disclosed that current board member Byron Deeter will not pursue reelection and will retire from the board ahead of its 2024 annual meeting of shareholders. Following Deeter’s retirement, the board’s size will revert to nine directors.
Furthermore, Sachem Head partner Andy Stafman was recently appointed to Twilio’s board on Monday, expanding the total number of board members to ten.
Twilio has faced pressure from activist investors such as Legion Partners and Anson Funds, who have advocated for the exploration of strategic alternatives, including the potential divestment of the data and applications business or the sale of the entire company.
